5/11, 10:11 AM (Source: TeleTrader)
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Crude slides 1% as COVID worries mount

Crude prices declined almost 1%, erasing the previous day's gains, as traders monitored the latest less-than-optimistic developments regarding the COVID-19 pandemic, especially the Indian variant of the virus. The World Health Organization (WHO) designated the triple-mutant COVID-19 variant spreading in India as a global health threat the day before.

The investors also monitored the news regarding the Colonial Pipeline, as United States President Joe Biden vowed the day prior to help the company get its services back online as soon as possible.

Brent for July delivery was down 0.92% to $67.68 per barrel at 3:59 am ET. Meanwhile, West Texas Intermediate for June settlements declined by 1.02% to $64.26 per barrel a minute later.

Breaking the News / BU