Oil steadies, Delta outbreaks cloud demand prospects | Reuters
Oil prices steadied on Wednesday after four days of declines with investors still worried about the outlook for fuel demand as the use of rail, air and other forms of transport remained constrained amid surging COVID-19 cases worldwide.
After flitting around Tuesday's close in Asian morning trade, Brent crude was up 56 cents or 0.8% at $69.59 a barrel by 0649 GMT. U.S. oil gained 50 cents or 0.8% to $67.09 a barrel.
"In the short-term, the oil market may be volatile with frequent pull-backs as crude prices are beginning to struggle as demand in Europe and India faces headwinds," said Avtar Sandu, senior manager, commodities at Phillip Futures in Singapore.
India, the world's third-biggest crude importer, also started sales of oil to state-run refiners from its Strategic Petroleum Reserve (SPR), putting in practice a new policy to commercialize federal storage by leasing out space. read more
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