Energy

U.S. oil drops 6% to below $70 amid OPEC production boost and Covid fears

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Oil pipelines, pumping rigs, and electrical transmission lines dot the landscape along California’s “Petroleum Highway” (Highway 33) running along the northwestern side of the San Joaquin Valley.

George Rose | Getty Images News | Getty Images

West Texas Intermediate crude futures fell below the key $70 level Monday for the first time in more than a month as OPEC and its allies agreed to raise output, and as the delta Covid variant threatens global demand.

U.S. oil dropped more than 6% to hit a session low of $66.81 for its biggest one-day decline since March. The contract is now 13% below its recent high of $76.98 from July 6, which was the highest level in more than six years….



Source cnbc.com

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