Crude oil prices fell Aug. 13 but still held steady near the $70/b threshold as fears of economic and supply-chain slowdowns bubbled up as a result of China closing a major port terminal. While global crude demand remains on an uneven upswing, the rapid spread of the coronavirus delta variant has dented most demand projections for the rest of 2021, and now Asian outbreaks, especially in China, are triggering new economic restrictions. Most notably, China’s zero-tolerance approach to COVID-19 led to the closure of its Meishan terminal at the world’s third-busiest port — the Ningbo-Zhoushan port — which is expected to disrupt supply chains globally. Front-month NYMEX WTI lost 65 cents, down to a $68.44/b settlement for the week, while front-month ICE Brent traded lower by 72 cents to $70.59/b. As for products, NYMEX September RBOB […]