Oil eases as weak Asian data, more lockdowns dampen demand hopes | Reuters
Oil prices weakened for a fourth session on Tuesday on the back of surging cases of coronavirus in Japan, a weak demand picture in Asia and a belief in OPEC and among its allies that the market does not need more crude.
Brent crude ended the session down 48 cents, or 0.7%, at $69.03 per barrel, while U.S. West Intermediate crude (WTI) settled 70 cents, or 1% lower at $66.59 a barrel. Both contracts had fallen for three straight sessions.
"We continue to see $65 support in WTI but less forceful rebounds that see sellers pour in earlier," said Craig Erlam, senior market analyst at OANDA.
"A move below here would be a significant technical breakout and surely reflect serious concerns about growth in the coming months as Delta (coronavirus variant) causes increasing restrictions around the world."
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