Crude prices down after US jobs report and lower Saudi crude prices for Asian customers

Crude oil prices continue to fall this morning: Brent 1st-nearby has lost around $2/bbl ($71.65) since the release of the US jobs report on Friday, highlighting economic slowdown and wage pressures.

The sharp decline in Saudi crude prices to Asian customers has again highlighted the impact of the Delta variant on demand levels in the region.

Nearly 90% of US crude production remained shut in the Gulf of Mexico on Sunday after Hurricane Ida. Refineries are resuming operations after being allowed to tap into strategic US reserves, but it could take two to three weeks to return to normal, especially in the New Orleans area.