Oil pares weekly gain with Delta variant concerns hanging over market

Oil declines as the Delta variant interrupts rapid recovery from the pandemic. "The oil market will likely continue to maintain a nervous watch, especially for a deterioration in China and the US," says the CEO of an energy consultancy.

An offshore oil platform | Photo: Mærsk/Statoil

Oil declined – trimming a modest weekly gain – as the fast-spreading delta virus variant continued to cloud the demand outlook.

Futures in New York dropped below USD 69 a barrel after slipping on Thursday. The latest Covid-19 wave is leading to tighter curbs on movement across the globe, although there are mixed assessments on its impact. The International Energy Agency reduced its demand forecasts for the rest of the year, while Goldman Sachs Group Inc. predicts only a transient hit to consumption.

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