Crude oil prices little changed as coronavirus, floods threaten demand
SINGAPORE: Oil prices were little changed on Monday as investors balanced concerns about fuel demand from the spread of COVID-19 variants and floods in China against expectations of tight supplies through the rest of the year.
Brent crude futures for September fell 3 cents to $74.07 a barrel by 0153 GMT while U.S. Texas Intermediate crude was at $71.99 a barrel, down 8 cents.
Both contracts recovered from a 7% slump last Monday and marked their first gains in 2-3 weeks last week as investors bet demand would stay strong amid falling oil stockpiles and rising vaccination rates.
