Oil steadies after slumping on Covid-19 fears, OPEC+ deal


Oil prices stabilised on Tuesday after slumping around 7% in the previous session amid a broader market retreat led by concerns about rising COVID-19 infections, which came just as producers inked a new supply deal.

Brent crude gained 70 cents to $69.32 a barrel while the U.S. crude was up 86 cents at $67.28 a barrel.

The selloff, which pushed prices to their lowest in two months, was driven by concerns about the Delta variant of the coronavirus that is rampaging through populations.

It came after the Organization of the Petroleum Exporting Countries (OPEC) and allies, called OPEC+, reached a compromise on Sunday to increase output.

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