This week in Summary:

This week in Summary:

This week in the oil and gas markets, Brent crude prices experienced fluctuations as news of increasing supply from OPEC+ and concerns over the Delta variant of COVID-19 impacted prices. Brent crude opened the week at $72.69 per barrel and reached a weekly high of $74.23 per barrel on Monday. However, prices fell midweek due to a report from the International Energy Agency warning that demand growth could slow due to the spread of the Delta variant.

OPEC+ announced on Tuesday that it had reached a deal to increase oil production by 400,000 barrels per day starting in August. This news temporarily caused prices to drop further, but they rebounded on Thursday as U.S. inventories fell more than expected and the dollar weakened.

Overall, Brent crude averaged $73.36 per barrel for the week, slightly lower than the previous week's average of $73.78 per barrel. The market remains cautious due to the ongoing uncertainty around COVID-19 and its impact on global demand, as well as the potential for further supply increases from OPEC+ in the coming months. #oilandgas #drakensbergenergy #opecplus #gasoil #gasoline #brentcrude