Oil prices were little changed on Tuesday supported by tight supplies and rising vaccination rates but pressured by worries that surging Covid-19 cases worldwide will weigh on demand. Brent futures rose 5 cents, or 0.1%, to $74.55 a barrel, while US West Texas Intermediate (WTI) crude fell 12 cents, or 0.2%, to $71.79. That still put Brent up for a sixth straight day for the first time since May, on track for its highest close in almost two weeks. Benchmark prices held their ground even after the United States issued travel warnings to Spain and Portugal because of rising Covid-19 cases.
Published in The Express Tribune, July 28th, 2021.
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