Brent crude settled at US$68.62 a barrel, losing $4.97, or 6.8%. U.S. oil futures for August delivery, which expires on Tuesday, settled at $66.42, down $5.39, or 7.5%. The September U.S. crude oil futures contract settled at $66.35, down $5.21.
NEW YORK: Oil slumped US$5 a barrel on Monday, closing out its worst day since March, after an OPEC+ agreement to boost output stoked fears of a surplus just as rising COVID-19 infections once again threaten demand.
Crude oil's year-long recovery has stalled out over the last two weeks due to the prospect of new supply undermining the case for higher prices. With the Delta variant of the coronavirus spreading worldwide - fuelling a 70% rise in U.S. infections last week - funds bailed out of long positions on Monday across multiple risk asset groups, including stocks and the dollar. (Graphic on U.S. cases) https://graphics.reuters.com/HEALTH-CORONAVIRUS/USA-TRENDS/dgkvlgkrkpb
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