Crude oil futures fell for the sixth day in a row on Thursday in the early morning of Beijing time, closing at their lowest level since May. The accelerated spread of COVID-19 mutant strains has worried the market about the demand outlook, and the rise in the US dollar has put further pressure on oil prices.
Edward Moya, senior market analyst at Oanda, said: "the six-day decline in crude oil futures seems to have gone too far, but to stop the decline may require a signal from the Organization of the Petroleum Exporting countries and its allies (OPEC+) that it may delay plans to increase production."
"the oil market is still in short supply and a drop of US WTI crude below $60 could attract a lot of long-term bullish bets," he said. Crude oil futures prices may now be near the bottom, but energy traders need to see some positive news about global economic growth. "
On Thursday, West Texas Intermediate (WTI) for September delivery fell $1.77, or 2.7%, to $63.69 a barrel on the New York Mercantile Exchange. WTI crude oil for October, which was more actively traded, fell $1.71, or 2.6%, to close at $63.50 a barrel.
Brent crude for October delivery on the European Intercontinental Futures Exchange fell $1.78, or 2.6%, to close at $66.45 a barrel.
According to Dow Jones,According to market data, US WTI and Brent crude oil both reached their lowest settlement prices in recent months since May. In addition, both recorded a sixth consecutive day of decline, the longest since the end of six consecutive declines on February 28, 2020.