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Oil Extends Losses After IAE Lowers Demand Forecast, Gold Up On Softer USD

COMMODITIES

Crude oil has extended losses in Asia-Pac hours after the IEA warned of a sharp reduction in demand as the spread of the Delta coronavirus variant resulted in the tightening of restrictions across the globe, particularly in Asia. Separately, OPEC maintained its demand growth forecast for 2021, but raised expectations for supply from non-OPEC producers. WTI last down $0.48 from settlement at $68.61/bbl, Brent is down $0.45 at $70.86bbl.

  • Gold has edged higher and last trades up $3.40 at $1,756.30 as the greenback has softened across the board. Bullion is narrowing in on yesterday's high of $1,758.2 and a break here would bring Jul 15 high of $1,834.1 into play.
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