Oil slips on demand concerns in the US and Asia

September 08, 2021 11:41 AM AEST | By Team Kalkine Media

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Oil slips on demand concerns in the US and Asia — Image source: © Beinluck | Megapixl.com

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Highlights

Crude oil prices inched lower on Tuesday.

Saudi Arabia has cut the rates of crude oil for Asian markets.

Oil prices got support from supply disruptions in the US.

Crude oil prices tumbled on Tuesday over the concerns of weak demand in the US and Asian markets. The prices were additionally pressurized by a strong US dollar. November delivery Brent Crude oil futures last traded at US$71.75 per barrel up 0.24%, whereas October delivery WTI crude oil futures traded 0.35% up at US$68.71 per barrel as of 08 September 2021 at 10:33 AM AEST.

Saudi Arabia has decided to cut the prices of all grades of crude oil to Asian markets by at least US$1 per barrel due to subdued demand amid rising cases of Delta variant of coronavirus. However, oil got significant support from continued supply disruptions in the US due to Hurricane Ida and robust Chinese economic indicators.

Bottom Line:

Crude oil prices dropped on Tuesday due to lower demand in the US and Asia amid rising cases of coronavirus and a fall in the US dollar.

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