Original title: us Oil ends six consecutive declines: but the peak tourist season in Europe and the United States is coming to an end, and the future is complicated and confusing.
British Finance Investing.com-Oil prices stabilized at midday in Asia on Friday, falling 4% the previous day to a three-month low. Crude oil demand has been adversely affected by restrictions triggered by a rise in the number of people diagnosed around the world, with oil prices down 6 per cent so far this week.
At the same time, the dollar rose to a nine-and-a-half-month high and a decline in risk appetite also weighed on oil prices as the Fed may start to scale back its assets later this year.
"due to relatively low vaccination levels, the deteriorating public health situation across Asia has led to a decline in traffic flow, which will trigger a decline in crude oil demand in the region in the second half of this year, weakening the impact of the positive situation in other regions," ANZ commodities analysts said in a report.
Among them, Australia and New Zealand are in a state of blockade to contain the recent outbreak. South Korea today extended the duration of its epidemic prevention response measures.
In addition, the summer travel season in the United States and Europe is coming to an end, so gasoline demand in these two regions will also fall from their highs.
Stephen Innes, Managing partner of SPI Asset Management: "the aviation industry has the weakest demand among all industries in the world, and the Delta variant may lead to further restrictions on domestic and international travel in the United States. This risk is an important variable in oil prices in the second half of this year, especially at the end of the peak season for self-driving trips in the United States."
As of 14:18 Beijing time (02:18 EDT), British Financial Information Investing.com commodity prices show: