8/9, 7:36 AM (Source: TeleTrader)
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Oil drops nearly 2% as Delta strain fears persist

Prices of oil futures dropped almost 2% on Monday, extending the previous week's losses, as traders remained worried over the spread of the coronavirus' Delta variant, and the effects that the subsequent lockdowns could have on the economies of the major oil consumers.

Saudi Arabia's oil company Saudi Aramco revealed on Sunday that its net income surged 288% on an annual basis in the year's second fiscal quarter.

International benchmark Brent for settlements in October dropped 1.82% to go for $69.41 per barrel at 1:25 am ET, and West Texas Intermediate (WTI) for September delivery dived 1.98% to sell for $66.94 per barrel a minute later.

Breaking the News / BU