Oil steadied as investors assessed the outlook for global demand amid a resurgence in Covid-19 that’s leading to tighter restrictions. Futures in New York traded near $72 a barrel after dipping 0.2% on Monday. The rebound in key energy consumers such as the U.S. and China has helped to underpin increasing fuel consumption and drained bloated stockpiles built up during the pandemic. The fast-spreading delta variant , however, has raised some concerns about the short-term demand outlook. Delta has interrupted a rally in oil that started late last year and has prices heading for only the second monthly drop since October. The flare-up has crimped fuel demand in some regions and coincided with an agreement by OPEC+ to add more supply from August. While headwinds are mounting, there are expectations that the market with continue to tighten throughout 2021. “Higher vaccination rates will help cement the demand recovery,” said […]