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
An offshore oil platform | Photo: Mærsk/Statoil
By Elizabeth Low, Bloomberg

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

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