Crude oil prices continued to rise on Tuesday as the outlook for strong fuel demand and rising vaccination rates helped offset concerns over a surge in Covid-19 cases worldwide.
Entering the European session, Brent crude futures traded higher at $ 74 a barrel, while US WTI traded up around $ 72.12 a barrel.
The increase in Covid-19 cases due to the spread of the Delta virus variant outbreak, has prompted the US to issue travel warnings to Spain and Portugal and say travel restrictions will not be relaxed to curb the spread of the infection.
Australia also recorded a steady increase, especially in the state with the highest population in the country, New South Wales. Still, there are reports that sanctions measures in Victoria will be eased after seeing a decline in the state.
However, oil prices remained stable as the UK continued to record a decline in Covid-19 cases for the sixth day in a row, signaling that the country’s latest case surge has reached its peak.
Following advances in vaccinations around the world even amid an increase in coronavirus cases, it keeps investors holding on to the prospect of global fuel demand that will continue to be strong.
