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


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….


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