Oil prices stabilized during trading on Tuesday, as the outbreak of the Corona pandemic and the slowdown in industrial activity in China raised concerns about the levels of global demand for crude.
According to Reuters, analysts at the financial services company (ANZ) indicated that the renewed economic risks for China due to the Corona pandemic and the outbreak of a mutated (delta) in 14 counties threaten further restrictions on movement.
Meanwhile, Indonesia - Asia's largest importer of gasoline - decided to extend lockdown restrictions until August 9.
In terms of trading today, the futures contracts for the benchmark Brent crude for October delivery settled at the level of $72.84 a barrel.
The US NYMEX crude contracts for September delivery were also settled today at $71.22 a barrel.
The American Petroleum Institute will release preliminary crude stockpiles data for the past week later today.
