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Oil up, but heads for largest weekly loss since March on demand worries
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Oil rises but still set for weekly loss on demand worries
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Oil falls in biggest weekly decline in months on demand worries
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Oil prices steady, but set for big weekly loss on demand worries
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Oil holds decline as investors track delta’s spread across China
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West Texas Intermediate was slightly higher after slumping 3.6 per cent on Monday
August 3, 2021
Oil held near $71 a barrel as investors weighed the risk to consumption posed by the spread of the delta coronavirus variant.
West Texas Intermediate was slightly higher after slumping 3.6 per cent on Monday, the biggest loss in two weeks. The highly infectious Covid-19 variant is forcing governments to reimpose or extend curbs, and investors are tracking an uptick in cases in China, the world’s biggest crude market.