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Oil Prices Slip as Summer Demand Surge Nears End -- Market Talk

Dow Jones Newswires ·  2021/08/12 14:40

1440 ET - US benchmark oil prices finish a tight-range trading session with a small 0.2% decline at $69.09 a barrel as investors worry whether demand can stay relatively strong in the fall after surprisingly high oil consumption rates this summer. The market turned slightly bearish overnight after an IEA report in which the Paris-based group cut its 2H21 global demand outlook sharply and warned of surpluses next year as Delta variant fears continue. But US air travel has only taken a minor hit from Delta, and roadway travel is holding steady as well. Heading toward Friday, WTI crude is 1.2% higher for the week after a huge, 7.7% drop last week. (dan.molinski@wsj.com)

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