Oil prices slip as IEA warns of slowdown in demand recovery | Reuters

Oil prices slip as IEA warns of slowdown in demand recovery | Reuters

Oil prices fell on Thursday after the International Energy Agency (IEA) said the spread of the Delta variant of the coronavirus would slow the recovery of global oil demand. read more

Brent crude futures fell 13 cents to settle at $71.31 a barrel. Earlier, Brent hit a session high of $71.90.

U.S. West Texas Intermediate (WTI) crude fell 16 cents to settle at $69.09 a barrel.

The international energy watchdog's monthly report said 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.

"Growth for the second half of 2021 has been downgraded more sharply, as new COVID-19 restrictions imposed in several major oil consuming countries, particularly in Asia, look set to reduce mobility and oil use," the Paris-based IEA said.