Original title: US oil ends six consecutive declines: But the market is confused after the peak European and American tourist season is about to end

Yingwei Financial Investing.com — In midday trading in the Asian market on Friday, oil prices stabilized. There was a sharp drop of 4% on the previous trading day, hitting a three-month low. Demand for crude oil has been negatively affected by restrictions triggered by the rise in the number of confirmed cases worldwide. Since this week, oil prices have dropped 6% cumulatively.

At the same time, since the Fed is likely to start reducing its asset size later this year, the US dollar has risen to a nine-and-a-half-month high. Risk appetite has declined, which has also dragged down oil prices.

Bank of Australia and New Zealand (ANZ) commodity analysts said in a report, “Due to relatively low vaccination levels, the worsening public health situation across Asia has led to a decline in traffic flow. This will trigger a decline in crude oil demand in this region in the second half of this year, weakening the impact of the positive situation in other regions.”

Among them, Australia and New Zealand are under lockdown to contain recent outbreaks. South Korea today extended its epidemic prevention response measures.

Furthermore, the peak summer tourist season in the US and Europe is coming to an end, so gasoline demand in these two regions will also fall from a high point.

Stephen Innes, Managing Partner of SPI Asset Management: “Among all industries in the world, the aviation industry has the weakest demand. The Delta (Delta) variant may cause further restrictions on domestic and international travel in the US. This risk is an important variable in oil prices in the second half of this year, especially the end of the peak season for self-driving tours in the US.”

As of 14:18 Beijing time (02:18 a.m. EST), the commodities quotes of Yingwei Financial Investing.com show: