Brent Oil Steadies Near 8-Week Low After Market Selloff on Delta By Bloomberg – Investing.com

SourceInvesting.com
SectorOil & Gas
CountryGulf

© Reuters. Brent Oil Steadies Near 8-Week Low After Market Selloff on Delta

(Bloomberg) — was steady after tumbling to an eight-week low amid a broader market rout stoked by a Covid-19 resurgence, which has raised concerns about the short-term outlook for energy demand.

Futures in London traded near $69 a barrel after plunging 6.8% on Monday, the most since March. The fast-spreading delta variant has led to a surge in virus cases and renewed restrictions as it sweeps across the globe from Asia to Europe.

A stronger dollar has also weighed on crude, making raw materials priced in the U.S. currency less attractive to investors.

Oil has run into stiff headwinds in July after rising in seven of the past eight months as the global economy rebounded from the pandemic. The salvaged OPEC+ deal has removed a layer of uncertainty for the market, but the latest Covid-19 resurgence is a reminder that the recovery will be bumpy.

The U.S. warned citizens to...read more...