Oil prices stabilized on Tuesday after slumping around 7% in the previous session amid a broader market retreat led by concerns about a resurgence of COVID-19 infections, which came just as producers inked a new supply deal.
Brent crude gained 38 cents, or 0.6%, to $69.00 a barrel by 0058 GMT. The U.S. crude contract for August delivery, which expires later on Tuesday, was up 49 cents, or 0.7%, at $66.91 a barrel. U.S. crude for September delivery was up around 1% at $66.99 a barrel.
The selloff, which pushed prices to their lowest in two months, “was largely due to concerns centered on the Delta variant and macro backdrop rather than a significant re-think of forward looking oil fundamentals,” RBC Capital Markets said in a note.
Reference: CNBC
Thai
Eng