The price of oil dipped in August due to fears of Covid variants’ impact on the global economy.
Rising concern over the spread of the Covid-19 Delta variant knocked oil prices as investors brace for more economic disruption from the pandemic.
Even with the vaccine successes in western countries, uncertainty remains high, as the virus continues to mutate and spread more efficiently.
A barrel of Brent Crude was standing at $66 per barrel as we go to press. Jitters abound in the global marketplace this summer.
The price of a barrel of Brent Crude subsequently jumped this week to over $70 per barrel after a fire broke out on a large Mexican oil refinery plant - it only takes one thing to change to push up prices!
Another recent price push comes from the shut down in the gulf of Mexico as leading oil producers brace for the impact of Tropical Storm Ida which is forecast to strengthen to hurricane force.
