Brent crude falls below $72 amid demand concerns

Oil prices declined on Thursday amid demand concerns following a rise in COVID-19 Delta variant cases and related restrictions.

The international benchmark Brent crude was trading down 0.4% at $71.98 per barrel, at 9.05 am Makkah time.

WTI crude fell 0.6% to $67.98 per barrel.

"Given the risks around the Delta variant of the coronavirus, but also the accelerating vaccine programs, it's possible that the second half of the year also sees a bit of a stop-and-go development before things (hopefully) normalize in 2022," Reuters reported, citing a note from the Eurasia Group.

Meanwhile, US crude inventories fell by 3 million barrels in the week to Aug. 20, while gasoline stocks declined by 2.2 million barrels, according to Energy Information Administration (EIA) data.