Oil prices steady in undersupplied market but coronavirus clouds demand

Oil prices were steady on Monday as the spread of the COVID-19 Delta variant stoked fears over future fuel demand, though crude supply looks set to be tight through the rest of the year.

Brent crude futures for September were up 4 cents at $74.14 a barrel by 1342 GMT while US Texas Intermediate crude slipped by 11 cents to $71.96.

Both benchmarks fell by more than $1 a barrel in earlier trading.

Coronavirus cases continued to rise over the weekend, with some countries reporting record daily increases and extending lockdown measures that could slow oil demand. China, the world’s largest crude importer, has also registered a rise in COVID-19 cases.

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