FLUX - This week's top winners and losers in energy natural resources
Crude oil climbed higher today but could not fully erase a loss for the week that was sparked by OPEC's failure to reach a production agreement and worries over the spread of the delta variant of the coronavirus that could hurt energy demand.August WTI (CL1:COM) closed today's session +2.2% to $74.56/bbl but the 0.8% weekly decline ended a six-week-streak of increases.U.S. government data yesterday showed domestic inventories of crude oil and gasoline fell by more than 6M barrels each, which shifted the market's attention away from OPEC's production uncertainties and "back toward fundamentals that still appear to be tightening, especially within the transparent U.S. market," according to Ritterbusch & Associates.But there are also worries that OPEC may start raising production sharply, because of bickering among its members and due to pressure from the Biden administration to pump more oil so pump prices do not rise too much for U.S. consumers.Energy (XLE)
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This week's top winners and losers in energy, natural resources