Oil quotations are rising on Tuesday, Brent futures are close to $75 per barrel. The market is supported by the outlook for limited supply and strong demand in the US, which offset concerns about the spread of a new variant of the coronavirus, Interfax reports.
By 8:04 am Kyiv time, Brent September futures rose in price on the London ICE Futures exchange by $0.31 (0.42%) to $74.81 per barrel. On Monday, Brent rose in price by $0.4 (0.54%) to $74.50 per barrel.
By this time WTI September futures have risen in price in electronic trading on the New York Mercantile Exchange (NYMEX) by $0.21 (0.29%) to $72.12 per barrel. During the previous session, the contract fell by $0.16 (0.2%) to $71.91 per barrel.
Quotations are growing against the background of the weakening of the dollar ahead of the meeting of the US Federal Reserve System (FRS). In the face of a decline in the US national currency, dollar-denominated assets, including oil futures, are becoming more attractive to currency holders, which fueled interest in them, writes S&P Global Platts.
Meanwhile, analysts say the rapid spread of the Delta strain of the coronavirus poses a significant downside risk to the oil market, increasing the chances of longer and tighter travel restrictions.
The United States does not intend to lift restrictions on entry into the country, the White House said.
The rise in coronavirus cases "is likely to continue in the coming weeks," White House spokeswoman Jen Psaki told reporters on Monday, so the United States "will maintain current travel restrictions."