7/12, 2:30 PM (Source: TeleTrader)
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Oil prices decline amid recovery concerns

Prices of oil futures decreased over 1.5% on Monday as the emergence of the Delta coronavirus strain continues to affect oil market recovery amid its potential to cause another series of lockdowns worldwide. Earlier in the day, Tokyo entered a state of emergency for the fourth time since the beginning of the pandemic. The European Union is reportedly set to gradually raise tax rates on polluting fuels.

Brent for September deliveries was down 1.60%, going for $74.33 per barrel at 8:15 am ET, while West Texas Intermediate (WTI) for settlements in August lost 1.68% to sell for $73.31 per barrel at the same time.

Breaking the News / MS