Brent holds above $70 amid demand concerns

05/08/2021 Argaam

Oil prices held stable on Thursday amid latest developments related to coronavirus and after data showed an increase in US crude stockpiles.

 

The international benchmark Brent crude was trading at $70.37 per barrel, at 9.05 am Makkah time.

 

WTI crude was stable at $68.16 per barrel.

 

"The fall in US gasoline stockpiles to the lowest level since November 2020 suggests that fuel demand conditions in the US are still quite resilient," Reuters reported, citing analysts from Commonwealth Bank of Australia.

 

The bank expects Brent prices to rise to $85 a barrel by Q4 2021.

 

Meanwhile, investors are also tracking developments related to the spread of Delta variant of coronavirus, cases of which are rising in China and the United States, stoking concerns over global crude demand.

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