WTI Drops to $73 on Demand Worries

Oil prices rebounded ahead of the weekend and WTI closed in positive territory, rising more than 3%. On Monday, after rising to $75 during Asian trading hours, WTI fell to 73.14 before recovering slightly. At the time of writing, WTI is down 1.4% at $73.60.

In a joint statement published on Monday, Saudi Arabia and Oman praised the efforts of OPEC+ to achieve stability in the markets, and the Gulf countries stressed the need for continued cooperation of producers to support the stability of oil markets.

On the other hand, renewed concerns about the spread of variant delta appear to be delaying reopening efforts in major economies, impacting demand expectations, and hurting crude prices.