Brent Crude Trades At $67 Per Barrel

Brent Crude Trades At $67 Per Barrel

Brent crude futures were down for a 6th consecutive day to around $67 a barrel on Thursday, close to levels not seen since May, amid persistent concerns about the rapid spread of the coronavirus delta strain and the effects it will have on the economic recovery and fuel demand.

Meanwhile, a stronger dollar was also weighing on oil prices as the Federal Reserve signalled the taper plan would start this year.

On the supply side, the EIA report showed US crude inventories fell by a more than expected 3.2 million barrels last week to their lowest since January 2020; while gasoline stocks unexpectedly rose 0.696 million barrels.

Brent Crude oil is a major benchmark price for purchases of oil worldwide. While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil.

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