Crude oil prices steady as IEA warns of slowdown in demand recovery
LONDON (Reuters) – Oil prices steadied on Thursday as the International Energy Agency (IEA) said the spread of the Delta variant of the coronavirus would slow the recovery of global oil demand.
Brent crude futures was down 12 cents, or 0.17%, at $71.32 a barrel by 1056 GMT, after earlier rising to a session-high of $71.90.
U.S. West Texas Intermediate (WTI) crude futures edged down 20 cents, or 0.29%, to $69.05.
The international energy watchdog said in its monthly report that rising demand for oil reversed course in July and was set to proceed more slowly for the rest of the year after the latest wave of COVID-19 infections prompted countries to bring in restrictions again.
