Oil prices edge up amid rise in new COVID-19 variants

Oil prices edged higher on Monday as countries continued to expand vaccination programs against coronavirus, and despite new cases and rise of new variants of the infection.

“(Oil) demand will recover across the board, led by Asia-Pacific and North America,” Reuters reported, citing a research note by Fitch Solutions.

“Europe and Latin America will lag, largely a reflection of softer economic recovery in key markets in these regions,” it said.

Oil prices are expected to remain around current levels for most of this year before a recovery gains ground towards year-end, according to a Reuters poll.

In terms of trading, international benchmark Brent crude was up 0.8% at 55.46 per barrel, at 9 am Makkah time.

WTI crude rose 0.6% to $52.49 a barrel.