Oil rebounded from a three-week low on expectations that the global economic recovery will withstand the latest virus onslaught, even as it takes a toll on fuel demand.
Futures climbed toward $68 a barrel in New York, recovering in concert with other commodities, after tumbling almost 4% over the past two sessions. The Delta variant has led to rising infections and curbs on movement, most notably in China, where crude refining is set to be scaled back and air travel has slumped. Still, global demand is expected to hold up and tighten the market through the end of the year.
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