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© Reuters.

Gina Lee

Investing.com-Asian oil prices fell early Friday, but optimism prevailed that global markets would tighten due to rising demand.

As of 11:24 p.m. Eastern Time (3:24 a.m. GMT), it was down 0.37% to $73.52. After rising by more than 8% in the first three trading days, Asia fell 0.38% to 71.64 US dollars in early trading, and fell 0.3%.

However, both Brent crude oil and WTI futures remained above $70, and as the week neared the end of the week, there was little change in prices. Black Liquid recovered almost all of the losses earlier this week, when concerns about the increasing number of COVID-19 cases involving Delta variants around the world gave rise to fuel demand prospects and the Organization of Petroleum Exporting Countries and its allies (OPEC+). The settlement of supply disputes in the shadows caused prices to plummet on Monday.

With the increase in fuel demand and the accumulated oversupply during the pandemic, the introduction of the COVID-19 vaccine has reopened the economy, driving the increase in crude oil prices in 2021.

However, as countries re-implement restrictive measures to contain the spread of their latest outbreak, the emergence and spread of COVID-19 Delta variants slowed this rebound.

Rochelle Walensky, director of the U.S. Centers for Disease Control and Prevention, said that in the pandemic, the U.S. is at “another critical moment.” COVID-19 cases are especially among the unvaccinated people. It is on the rise in the country.

Even so, data released by the US Energy Information Administration on Thursday showed that gasoline inventories fell by 121,00 barrels, indicating that demand is still high during the summer driving season, and investors are still encouraged.

At the same time, the OPEC+ dispute settlement earlier this month will increase the market by 400,000 barrels per day from August until the supply cuts implemented by COVID-19 are completely reversed. Investors also continue to follow the progress made by Iran and other world powers in resuming the 2015 nuclear agreement, which will lift U.S. sanctions on its crude oil supply.

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