Oil prices were little changed yesterday as investors balanced concerns about fuel demand from the spread of COVID-19 variants and floods in China against
Brent crude futures for September fell 3 cents to $74.07 a barrel while US Texas Intermediate crude was at $71.99 a barrel, down 8 cents.
“We saw an overreaction in the market last Monday, and like all other technical corrections so far, oil’s downturn has typically proven short lived,” Howie Lee, an economist at Singapore’s OCBC Bank said.
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