Oil has accelerated the fall

Oil prices accelerated their fall on Monday, reaching $72.32 a barrel. The main factor of pressure on quotes is investor fears about the rapid spread of the delta coronavirus strain in Asian countries, which will inevitably weaken the economic recovery in the region and the demand for raw materials.

Statistics from China, released over the weekend, confirm the concerns of market participants. In particular, according to the State Statistical Office (CSO) of China, the purchasing managers index (PMI) in the processing industry in July fell to its lowest level since February 2020 – 50.4 points, compared with 50.9 points in June. Experts predicted a decline in the index to 50.8 points.

However, the risks posed by the new dangerous strain of Covid are partially offset by the potential shortage of raw materials supplies to the world market.

By the end of the trading day October Brent futures fell to $72.32 per barrel. WTI futures fell to $70.72 per barrel.