Rapidly spreading Delta variant of coronavirus in top oil consuming countries has become a cause of concern for Brent crude oil producing countries.
According to the analysts it will limit the demand for fuel. Hence the Brent crude oil future has declined 67 cents reaching to 71.74 dollars per barrel while US crude fell 86 cents reaching to 69.70 dollars per barrel.
Meanwhile, the expected fall in US inventories resulted in capping some losses that made both the contracts trading slightly higher in the session earlier. The situation became worse after Iranian-backed forces seized an oil product tanker near the UAE coast.