Oil steadies in undersupplied market but coronavirus cases weigh

Brent crude futures rose 40 cents, or 0.5%, to end the session at US$74.50 a barrel, while U.S. West Texas Intermediate crude slipped by 16 cents, or 0.2%, to settle at $71.91. Early in the session, both benchmarks fell by more than $1 a barrel.

NEW YORK: Oil prices steadied on Monday after a choppy session as the spread of the COVID-19 Delta variant stoked fears about fuel demand, but losses were limited by forecasts that crude supply will be tight the rest of the year.

Brent crude futures rose 40 cents, or 0.5%, to end the session at US$74.50 a barrel, while U.S. West Texas Intermediate crude slipped by 16 cents, or 0.2%, to settle at $71.91.