Oil prices fall as Delta variant spread weighs | Reuters

Oil prices fall as Delta variant spread weighs | Reuters

Oil prices fell on Wednesday as the spread of the coronavirus Delta variant in top consuming countries outweighed Mideast geopolitical tensions and a fall in U.S. inventories.

Brent crude oil futures were down 67 cents, or 0.9%, to $71.74 a barrel by 1144 GMT. U.S. West Texas Intermediate (WTI) crude fell 86 cents, or 1.2%, to $69.70 a barrel.

"Worries continue to grow over the spread of the Delta variant in China, which has weighed heavily on oil prices in recent days," analysts at bank ING said.

The United States and China, the world's two biggest oil consumers, are grappling with rapidly spreading outbreaks of the highly contagious Delta variant that analysts fear will limit fuel demand at a time when it traditionally rises in both countries.