Both oil benchmarks showed gains on Wednesday, although concerns over future demand and the increasing number of COVID-19 cases globally ensured price rises were limited.
International benchmark Brent crude traded at $70.78 at 0808 GMT on Wednesday, posting a 0.21% rise from Tuesday when trade closed at $70.63 per barrel.
American benchmark West Texas Intermediate (WTI) traded at $68.42 at the same time on Wednesday, increasing by 0.19% relative to $68.29 a barrel on Tuesday.
The Delta variant surge keeps creating jitters, adding to the concerns of global oil demand. Globally, as of Aug. 10, 203, 295,170 confirmed cases of COVID-19 with 560,850 new cases have been reported, according to data from the World Health Organization.
Price gains were also curtailed with the US Energy Information Administration (EIA) citing concerns about future demand while expecting higher output from OPEC+ and accelerating growth in US tight oil production.
The statistics agency revised down global crude oil prices for 2021 and 2022 on Tuesday.
It lowered its Brent crude oil price outlook for 2021 to an average of $68.71 per barrel, marking a decrease of $0.07 per barrel, or 0.1%, compared to the July Short-Term Energy Outlook.
Investors are awaiting oil stock figures from the EIA later on Wednesday to determine the supply and demand equilibrium.
By Zeynep Beyza Kilic