Oil futures remained in rebound mode Thursday, taking back ground lost in a Monday rout, as traders shake off concerns about the impact on demand of the spread of the delta variant of the coronavirus and a rise in U.S. crude inventories in the latest week.

West Texas Intermediate crude for September delivery
CL00,
+0.65%

CLU21,
+0.65%

was up 43 cents, or 0.6%, at $70.37 a barrel on the New York Mercantile Exchange. September Brent crude
BRN00,
+0.64%

BRNU21,
+0.64%
,
the global benchmark, was up 40 cents, or 0.6%, at $72.63 a barrel on ICE Futures Europe.

WTI plunged more than 7% on Monday, while Brent plunged more than 6%.

“Oil is enjoying another day in the green, with WTI firmly back above $70 and the mid-July malaise seemingly behind us,” said Craig Erlam, senior market analyst at Oanda, in a note. “To climb back above $70 so rapidly after Monday’s selloff was impressive and says a lot about how traders view the dips, something that can be applied more broadly to risk assets.”

Oil rose Wednesday, with an unexpected rise in U.S. crude inventories offset by a fall in supplies at Cushing, Oklahoma, the delivery hub for Nymex oil futures.

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