Oil prices steady as rising demand outlook tempered by Covid-19 worries
Oil prices were steady on Wednesday as support coming from forecasts of a recovery in global fuel demand was tempered by a surge in India’s coronavirus cases and rising US crude inventories.
Brent crude futures edged down 7 cents, or 0.11%, to $66.35 a barrel at 0941 GMT, after rising 1.2% on Tuesday.
US West Texas Intermediate (WTI) crude futures were up 1 cent, or less than 0.1%, to $62.95 a barrel, after gaining 1.7% in the previous session.
An OPEC+ decision to stick to plans for a phased easing of oil production restrictions from May to July underscored the group’s confidence in a recovery in global demand.
