Oil falls in biggest weekly decline in months on demand worries
Oil prices fell about 1% lower on Friday, posting to their steepest weekly losses in months, on worries that travel restrictions to curb the spread of the Delta variant of COVID-19 will derail the global recovery in energy demand.
Crude futures also came under pressure as the dollar strengthened after monthly U.S. job growth came in higher than expected. A stronger dollar makes greenback-denominated oil more expensive for buyers in other currencies.
Brent crude oil futures settled down 59 cents, or 0.8%,at $70.70, while U.S. West Texas Intermediate (WTI) crude futures fell 81, or 1.2%, to settle at $68.28 a barrel.
For the week, global benchmark Brent shed more than 6%, its largest week of losses in four months, and WTI tumbled nearly 7% in its biggest weekly decline in nine months.
China's crude oil imports rebound as state refiners return from overhauls
China’s crude oil imports rebounded in July from a six-month low as state-backed refiners ramped up output after returning from maintenance, though independent refineries slowed restocking amid probes by Beijing into trading and taxes.
China brought in 41.24 million tonnes of crude oil last month, equivalent to 9.71 million barrels per day (bpd), data from the General Administration of Customs showed on Saturday.
That compares with 40.14 million tonnes in June and 51.29 million tonnes in July 2020.
In the first seven months of the year, China, the world’s top crude oil importer, took in 301.83 million tonnes, or 10.39 million bpd, down 5.6% from the corresponding period last year.
Aramco posts nearly 300% leap in second-quarter profit as oil demand recovers
Reference: CNBC, Reuters
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