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.

International benchmark Brent crude was trading up 0.6 percent at 55.39 per barrel, at 7 a.m. Riyadh time.

WTI crude rose 0.4 percent to $52.41 a barrel.

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