Oil has traded higher again during the Asia session.
Analysts point to worries on demand slumping due to mounting infections around the globe not being reflected in traffic flow data.
- “While the risk to the demand outlook could increase due to governments across Europe reducing permission for public gatherings, we note that markets have already undergone several rounds of mobility restrictions… yet, the global recovery was not significantly derailed,”
- “The (oil inventory) falls suggest the rise in cases of COVID-19’s Delta variant is having little impact on mobility,”
Brent traded above $75 Thursday Asia time.