US Crude Falls For The Third Day in a Row

US crude prices fell for the third day in a row on Wednesday, August 4, while there was little change in Brent crude futures contracts, with growing fears that the increasing spread of the delta strain of the Coronavirus in major consuming countries would reduce demand for fuel.

US West Texas Intermediate crude fell seven cents, or 0.1%, to $70.49 a barrel.

Brent crude futures added one cent to $72.42 a barrel.

Both futures contracts fell on Tuesday to their lowest level since July 21 and then rose somewhat at the close.

The United States and China, the world’s two largest oil consumers, are battling a fast-spreading outbreak of the highly contagious delta strain, which analysts fear could lead to lower fuel consumption at a time when the two countries typically increase.

US inventories data also provided some support to crude prices, as inventories of crude oil, gasoline and distillates fell.

Data from the American Petroleum Institute showed on Tuesday that crude stocks fell by 879,000 barrels in the week ending July 30, gasoline stocks fell by 5.8 million barrels and distillate stocks fell by 717,000 barrels.