Oil's losing streak hits six days, benchmarks touch May lows

• Oil prices skidded on Thursday for a sixth session, hitting lows not seen since May, as investors pulled back over concerns about weakened global demand as COVID-19 cases climb and on the back of a rise in the U.S. dollar. 
• The oil market rallied throughout the first half of 2021, but has lost about 15% since early July. The recent wave of coronavirus infections worldwide has sapped global travel and threatens economic activity, just as major oil producers are getting ready to increase supply. 
• "There's concern that the Fed will begin tapering, resulting in a stronger dollar and weaker crude prices," said Andrew Lipow, president of Lipow Oil Associates in Houston. 
• The International Energy Agency last week trimmed its oil demand outlook due to the spread of the Delta variant. OPEC, however, left its demand forecasts unchanged.

(Source: Reuters)