Oil prices stable amid demand concerns

03/08/2021 Argaam

Oil rigs

Oil prices were stable on Tuesday amid concerns over rise in coronavirus cases and the slowdown in industrial activity in China.

 

The international benchmark Brent crude was trading at $72.84 per barrel, at 9.10 am Makkah time.

 

WTI crude held at $71.22 per barrel.

 

"Cases of the highly contagious Delta variant have emerged in 14 of 32 provinces (in China). This could see further mobility restrictions introduced," Reuters reported, citing ANZ analysts.

 

Meanwhile, Indonesia, the largest importer of gasoline in Asia, decided to extend the lockdown measures until Aug. 9.

 

The American Petroleum Institute will release preliminary US crude stockpiles data for the past week later today.

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