Oil prices fall back on concerns over COVID-19 cases | Reuters

Oil prices fall back on concerns over COVID-19 cases | Reuters

Oil prices fell on Tuesday, paring earlier gains, as expectations that major producers will not boost supply any time soon were outweighed by worries over slowing demand amid a spike in the Delta variant of coronavirus infections.

Brent crude was down 51 cents, or 0.7%, at $69.00 per barrel as of 0703 GMT, after rising as high as $69.77 earlier in the session.

U.S. West Intermediate crude (WTI) slid 52 cents, or 0.8%, to $66.77 a barrel, after reaching $67.66 earlier.

Japan was set to extend its state of emergency in Tokyo and other regions to Sept. 12 and widen curbs to seven more prefectures, as COVID-19 cases spike while cases are set to "rise substantially" in Sydney in the coming weeks despite a prolonged lockdown, authorities said on Tuesday.