U.S. oil drops for 3rd day on concerns COVID-19 variant spread to cut demand | Reuters

U.S. oil drops for 3rd day on concerns COVID-19 variant spread to cut demand | Reuters

U.S. oil prices fell for a third day on Wednesday while Brent futures were largely unchanged on mounting concerns that the increasing spread of the Delta variant of the coronavirus in top consuming countries will cut fuel demand.

U.S. West Texas Intermediate (WTI) crude fell 7 cents, or 0.1, to $70.49 a barrel, as of 0647 GMT. Brent crude oil futures added 1 cent to $72.42 a barrel.

Both futures fell on Tuesday to their lowest since July 21 before regaining some ground by the close.

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.