As uncertainty over new Covid outbreaks combined with a strengthening U.S. dollar, oil prices came under pressure this week and are on course to finish the week 7 percent down.
Friday, August 20th, 2021
Oil prices continued their downward slide on Friday, bringing the total weekly decline to 7%. With COVID fears still running high, crude also felt the pinch from the U.S. dollar strengthening as the Federal Reserve mooted cuts to its stimulus measures this year. ICE Brent fell below $66 per barrel on Friday morning, with WTI prices dropping to $63 per barrel.
OPEC Compliance Stands at 109% in July. OPEC’s Joint Technical Committee reports that OPEC+ compliance with production quotas last month stood at 109%, down 3% from June. Compliance among OPEC members also dropped to 116% as Saudi Aramco rolled back its unilateral supply cut.
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