Oil recovers from 3-week low

10/08/2021 Argaam

Oil rigs

Oil prices edged up on Tuesday, after hitting a three-week low in the previous session amid concerns on rising cases of coronavirus Delta variant.

 

The international benchmark Brent crude was trading up 1.2% at $69.73 per barrel, at 9.05 am Makkah time.

 

WTI crude rose 1.4% to $67.44 per barrel.

 

China on Monday, Aug. 9, reported more COVID-19 infections in the latest outbreak of the disease that was first detected in the country in late 2019.

 

An increase in the number of COVID-19 cases in China is already weighing on mobility, Reuters reported, citing a note from ANZ Research.

 

“China’s COVID Zero strategy means restrictions could continue to widen and tighten, denting oil consumption,” Bloomberg reported, citing Vandana Hari, Founder of Vanda Insights.

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