Oil price falls on US crude stock build, Delta variant spread

Brent futures fell US$2.03, or 2.8%, to settle at $70.38 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $2.41, or 3.4%, to settle at $68.15. That was the lowest close for both benchmarks since July 20. (File pic shows US oil storage at Cushing, Oklahoma. - Reuters)oil cushing oklahoma

NEW YORK: Oil prices fell for a third day in a row to a two-week low on Wednesday on a surprise build in U.S. crude stockpiles, negative U.S. economic report and worries the spread of the coronavirus Delta variant will weigh on global energy demand.

Traders noted the oil price drop came despite reports of increased Mideast geopolitical tensions.