Oil steady as U.S. output struggles and demand outlook dims | Reuters
Oil prices were steady on Thursday, with U.S. crude output still largely offline after Hurricane Ida while the spread of the coronavirus Delta variant continues to cloud the demand outlook.
Brent crude firmed slightly, rising 11 cents, or 0.2%, to $72.71 a barrel by 1227 GMT while West Texas Intermediate (WTI) crude was virtually flat at $69.35.
"Brent has maintained a holding pattern during the month of September as conviction in the oil complex has eased given the array of conflicting fundamentals within the market," said StoneX analyst Kevin Solomon.
"The market is seemingly digesting the supply disruptions in the United States, the recent revival in the dollar index ... as well as the fluid dynamics of COVID-19 globally."
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