Oil edges up as demand hopes overshadow rise of COVID-19 variant

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Oil prices dropped for a second day on Tuesday on worries about slower fuel demand growth as outbreaks of the highly contagious COVID-19 Delta variant, sparked new mobility restrictions around the world.

Brent crude futures fell 26 cents to $74.42 a barrel, after slumping 2% on Monday.

U.S. West Texas Intermediate crude futures fell 19 cents, to $72.72 a barrel, extending a 1.5% loss on Monday.

The flare-up in cases of the Delta variant comes as the Organization of the Petroleum Exporting Countries, OPEC, Russia and allies, together known as OPEC+, are set to meet on July 1 to discuss easing their supply curbs.




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