Energy

Oil prices fall 4% more after global Covid surge

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Oil derrick pumps operate at the Inglewood Oil Field in Culver City, California, on Sunday, July 11, 2021.

Kyle Grillot | Bloomberg | Getty Images

Oil prices slid Monday, building on last week’s steep losses, as rising Covid cases prompted fears of a demand slowdown.

West Texas Intermediate crude futures declined 2.5% to trade at $66.60 per barrel. The contract traded as low as $65.15 during the session. International benchmark Brent crude declined 2.2% to $69.15 per barrel.

“The biggest challenge for oil markets remains the uncertainty around COVID as the ‘delta variant’ has made for the highest daily case counts since early 2021,” Bank of America said.

Last week, both contracts dipped more…



Source cnbc.com

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