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Oil prices fell for a third day on Wednesday on mounting concerns that the increasing spread of the delta variant of the coronavirus in top consuming countries will cut fuel demand.

Brent crude oil futures slid 22 cents, or 0.3%, to $72.19 a barrel, as of 0129 GMT. U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.5%, to $70.23 a barrel.

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

 

·         Oil giant BP ups dividend and confirms share buybacks as it posts better-than-expected quarterly profit

 

 

Similarly, traders are cautious of Iran increasing the global supply of oil. Iran's new President, Ebrahim Raisi, has vowed to work to lift the "tyrannical" sanctions imposed by the US on its banking and energy sectors. Iran has been in talks with the US about reviving the nuclear agreement, but no agreement has been reached.

 

Investors must keep an eye on the upcoming Crude inventory as that can bring higher volatility for both Crude and Brent oil prices. Remember, big institutions such as Goldman Sachs and JP Morgan believe that the oil prices will continue to move higher and they could touch the 100 dollar price mark.