Oil prices remained steady on Thursday as the Delta variant of the coronavirus continues to weigh on the demand outlook, offsetting a decline in U.S. Gulf of Mexico output because of damage caused by Hurricane Ida.
Brent crude rose 4 cents to $72.64 a barrel by 0901 GMT and West Texas Intermediate crude fell 11 cents, or 0.16%, to $72.64.
"The latest wave of the coronavirus, the spread caused by the Delta variant, made investors cautious and pragmatic last month," said Tamas Varga, oil analyst at London brokerage PVM Oil Associates. Also weighing on sentiment, the U.S. Federal Reserve cut its forecast for U.S. GDP growth this year owing to the resurgence of COVID-19.
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