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InstaForex Loprais Team - Official participant of the Dakar rally

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InstaForex Loprais Team - Official participant of the Dakar rally

2021.08.2610:26:00UTC+00Oil Rally Stalls Amid Virus Worries

Oil prices fell on Thursday for the first time this week as fresh outbreaks fueled by the Delta variant of the coronavirus raised concerns about the strength of the economic recovery globally.

Benchmark Brent crude futures were down 0.9 percent at $70.61 a barre, after having climbed 1.7 percent in the previous session.

U.S. West Texas Intermediate crude oil futures fell over 1 percent to $67.64 a barrel, after gaining 1.2 percent on Wednesday.

Oil dropped after the biggest three-day gain since March amid renewed concerns about demand as Russia reported its highest daily coronavirus death count and Australia exceeded 1,000 daily Covid-19 infections for the first time since the start of the pandemic.

The return of output in Mexico also weighed on prices. Pemex said it has restored about 17 percent of the more than 400,000 bpd in oil production it lost due to a fire that erupted on an offshore platform on Sunday.

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