8/4, 1:36 PM (Source: TeleTrader)
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Oil extends weekly losses over demand worries

Prices of oil decreased for the third day in a row on Wednesday as the investors remained worried over the spread of the coronavirus Delta variant, especially in regard to the large oil consumers.

After posting weaker-than-expected manufacturing data earlier this week, China also imposed stricter virus containment measures, both domestically, and regarding international travel.

Brent for October lost 0.75%, going for $71.87 per barrel at 7:24 am ET, while West Texas Intermediate (WTI) for settlements in September dropped 1.11% to sell for $69.78 per barrel a minute later.

Breaking the News / BU