Crude oil prices pulled back slightly during Monday’s APAC mid-day session after rising 3.5% over the last two days. The emergence of the Delta variant of Covid-19 is threatening a new round of lockdowns around the world, casting a shadow over the outlook for energy demand. A stronger US Dollar also weighed on commodity prices.
The Japanese government announced a new round of “state of emergency” measures that will cover the entirety of the Summer Olympics Games. Australia’s Delta variant outbreak is worsening too. The country reported the highest number of daily infections on Monday even after Sydney was put into lockdown for three weeks.
