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Oil falls as flare-ups of COVID-19 variant threaten fuel demand

U.S. West Texas Intermediate (WTI) crude futures fell 14 cents, or 0.2%, to $72.77 a barrel at 0045 GMT, extending a 1.5% loss on Monday.

June 29, 2021 / 07:45 AM IST

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

U.S. West Texas Intermediate (WTI) crude futures fell 14 cents, or 0.2%, to $72.77 a barrel at 0045 GMT, extending a 1.5% loss on Monday.

Brent crude futures dipped 10 cents, or 0.1%, to $74.58 a barrel, after sliding 2% 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.