Investors are trying to estimate the potential risks for the global economy with the spread of the Delta COVID-19 strain

Oil prices fell for the third day in a row as worries about more Delta cases around the world worsened the prospects for fuel demand. The American Petroleum Institute (API) estimated crude oil inventories yesterday. Preliminary data for last week showed inventories fell by 879,000 barrels. The government report on US crude oil inventories is expected today. Iran denied the accusations that it was involved in the second attack on an oil tanker off the coast of the United Arab Emirates on Tuesday. Britain and the US continue to hold the country responsible for an earlier attack on a tanker in the region on Thursday last week.

December gold futures decreased by 0.48% yesterday, hitting $1.813 a troy ounce. The situation in the precious metals market remains mixed. From the fundamental point of view, with the soft monetary policy and big volume of buying government bonds, the prices for gold and silver should grow. But it does not happen, suggesting that investors have stopped viewing gold as a defensive asset.

Shares of China’s largest video and online gaming companies fell after the Chinese State edition, Economic Information Daily, published an article comparing online gaming to “opium” and warning about widespread dependence on games among children. The report also argues that more than half of China’s children are nearsighted and that online games have a negative impact on their education. Chinese authorities intend to fight gaming addiction among children. Chinese online giant Alibaba reported strong figures for last quarter but lowered its revenue estimates for the next quarter because of slowing e-commerce growth and ongoing repressive measures by the authorities. At the same time, Beijing banned train arrivals from more than 20 Chinese provinces as the outbreak of the Covid-19 Delta variant in the country spreads further.