Delta Damages Oil, Gasoline Holds Steady

Reports of another spike in Covid-19 infections in major economies hammered oil markets on Tuesday, although prices later regained some lost ground in volatile trading. In London, the front-month October contract for ICE Brent retreated 48¢ to $72.41 per barrel on relatively light trade, while in New York, the September contract for West Texas Intermediate (WTI) shed 70¢ to end at $70.56/bbl. At one point Brent reached a low of $71.05/bbl and WTI sunk to $69.19/bbl, but both clawed back some ground in the latter half of the session. Delta Dread Oil prices have tanked by almost 5% over the last two days (OD Aug.2'21). Traders, however, are hoping for a boost from Wednesday’s crude inventories report from the US, which many analysts expect to show a sizable weekly draw. Although vaccine distribution started last December, large numbers of people are still not inoculated, and authorities are starting to crack down in ways that could jeopardize the economic recovery. In New York City, authorities announced on Tuesday that people looking to dine and exercise indoors will be required to show proof of vaccination. Tyson Foods, a massive US poultry producer, said it would require the same from its 120,000 employees around the country. Gasoline Steady