Brent Oil Retreats as Delta Variant Weighs on Demand

The video discusses the impact of the delta variant on global oil demand, particularly in China, where movement restrictions have reduced congestion and fuel demand. It highlights the challenges faced by OPEC PLUS in meeting demand and the broader market implications, including a decline in commodities and a stronger dollar. Key technical indicators such as time spreads and backwardation are examined, with a focus on the WTI contract and EIA data.

What has been the impact of the delta variant on China's oil demand?

• Increased demand due to higher congestion

• Decreased demand due to movement restrictions

• No impact on oil demand

• Increased demand due to economic growth

What is the expected impact of Melbourne's lockdown on the oil market?

• Increase in oil supply

• No change in oil demand

• Increase in oil demand

• Decrease in oil demand

How is OPEC PLUS planning to address the oil demand?

• By reducing oil production

• By releasing more oil barrels into the market

• By increasing oil prices

• By maintaining current production levels

What does a shrinking time spread in the oil market indicate?

• Decreased demand for near-term deliveries

• Increased demand for near-term deliveries

• Stable demand for near-term deliveries

• No impact on demand for near-term deliveries

What is the term used to describe higher prices for closer deliveries in the oil market?

• Hedging

• Arbitrage

• Contango

• Backwardation