Oil prices edge higher as tight supply outweighs coronavirus spread

Oil prices edged higher on Tuesday as investors bet tight supply and rising vaccination rates will help offset any impact on demand from surging COVID-19 cases worldwide.

Brent crude futures rose 23 cents, or 0.3%, to $74.73 a barrel by 1150 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 7 cents, or 0.1%, to $71.98 a barrel.

Benchmark prices held their ground even after the United States issued travel warnings to Spain and Portugal due to rising COVID-19 cases. A White House official told Reuters wider travel curbs would not be lifted due to the highly infectious Delta variant and rising domestic infections.