Oil Slips on Growing Threat of Delta Variant to Demand
- Countries across Asia impose new restrictions due to variant
- China’s V-shaped economic recovery shows signs of slowing
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Oil dipped as traders grappled with the demand implications of a Covid-19 resurgence in several regions and slowing economic growth in China.
Futures in New York fell 0.6% on Monday. New mobility restrictions have been introduced in parts of Japan, South Korea and Vietnam to curb the spread of the delta variant, clouding the demand outlook for oil. Confirmed Covid-19 cases in the U.S. soared 47% in the week ending Sunday, the largest weekly rise since April 2020.