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BREAKING
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation

Oil Prices Decline as Coronavirus and Flood Threats Rise

  • By Al Mayadeen
  • Source: Al Mayadeen & Agencies
  • 26 Jul 2021 14:27
2 Min Read

Oil prices decline a dollar a barrel as Coronavirus infections escalate worldwide – it is expected that global oil markets will remain in a state of deficit.

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  • Oil falls a dollar a barrel with the threat of the Coronavirus and China floods
    Oil falls a dollar a barrel.

Oil prices fell nearly a dollar on Monday. Concerns about the increase in oil demand which are caused by the Delta variant, in addition to torrential rains in China, affect the predictions of oil shortage for the rest of the year. 

Brent crude futures for September fell 95 cents - or 1.3 percent - to $73.15 a barrel. Meanwhile, US Texas Intermediate crude reached $71.11 a barrel, down 96 cents. Earlier, the two decreased by over a dollar.

Corona virus infections continued to rise at the beginning of the week, with some countries recording record daily increases and extending public isolation measures that may slow down demand for oil.

China, the world's largest importer of crude oil, has also seen an increase in Coronavirus infections. This comes in while the country is facing severe floods and a typhoon in central and eastern parts of the country. 

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China-US trade falls 10.4% in H1-2025 to $289.36 billion

US shipbuilding woes deepen as tariffs, outdated policies backfire

Beijing’s crackdown on the misuse of import quotas, coupled with the impact of high crude prices, may lead to a decline in the growth of China’s oil imports. The growth could hit the lowest level in two decades in 2021, despite expectations of an increase in refining rates in the second half.

Investors are looking forward to the upcoming Federal Reserve meeting and United States Crude Oil Inventories data due later this week to determine the direction of prices.

Prices are receiving support from the strength of US demand and expectations of scarcity. This allowed the two benchmarks to recover from the 7% drop recorded last Monday, achieving the first gains in two to three weeks, last week.

Global oil markets are expected to remain in deficit despite the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to increase production for the rest of the year.

A few days ago, oil prices fell significantly after the sudden increase in US crude stocks, while trading was marked by a new growth in Coronavirus infections that may reduce the demand for fuel.

  • China
  • china floods
  • Coronavirus
  • Oil prices

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