Oil prices slip as traders assess risks

2021-07-13 03:36

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NEW YORK, July 12 (Xinhua) -- Oil prices came under pressure on Monday as traders remained cautious over multiple uncertainties.

The West Texas Intermediate for August delivery lost 46 cents to settle at 74.10 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery decreased 39 cents to close at 75.16 dollars a barrel on the London ICE Futures Exchange.

"The oil market is often fairly prone to fluctuation, but last week's price performance was particularly volatile," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Monday.

"The shifts in sentiment on the financial markets, the movements on the foreign exchange market, the uncertainty surrounding the future strategy of OPEC and its allies (OPEC+) and the very positive demand data (e.g. for US gasoline demand) set the tone on the market," he said, adding "the same factors are likely to ensure continued volatility on the oil market this week."

For the week ending Friday, the U.S. crude benchmark declined 0.84 percent, and Brent dropped 0.8 percent, based on the front-month contracts.
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