Data showing a drop in US stockpiles offsets concerns about travel curbs in Asia to cope with surging Delta variant
London — Oil edged towards $71 a barrel on Wednesday as signs of rising fuel demand in the US offset concerns about travel curbs in Asia caused by the spread of the Covid-19 Delta variant.
“The EIA’s upbeat demand forecasts for this year helped alleviate fears of a deteriorating near-term outlook,” said Stephen Brennock of oil broker PVM. Prices “appear to lack the momentum to stage meaningful revivals as Delta-variant fears continue to weigh,” said Jeffrey Halley, an analyst at brokerage Oanda.
The Delta variant has been detected in more than a dozen Chinese cities since the first cases were found in July, prompting some new travel restrictions, while US cases and hospitalisations have soared to six-month highs.
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