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Crude Futures Set For Worst Month Since Oct 2020

OIL

Oil is lower in Asia-Pac trade, losing ground amid risk off sentiment in the region. Crude futures finished with slight gains yesterday after recovering from session lows hit in the European morning. On a monthly basis futures are on track to finish around 6% lower, the worst week since October 2020. Markets continue to weigh the restoration of production in the Gulf of Mexico as the threat from Hurricane Ida recedes, while looking ahead to the latest OPEC+ meeting Wednesday. The group will assess the impact on demand from the spread of the delta variant and its implications for plans to return 400k bpd of supply to the market.

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