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8/9, 11:10 AM (Source: TeleTrader)
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Oil extends losses, tumbles over 4%

Prices of oil futures sank deeper on Monday, further extending the losses from the previous week, and dropping more than 4%.

The slump was seemingly fueled by the fears of the effects that the spread of the COVID-19 Delta strain could have on the major economies, especially in regard to possible introductions of tighter virus containment measures.

International benchmark Brent for settlements in October plunged 3.99% to go for $67.8 per barrel at 5:01 am ET, and West Texas Intermediate (WTI) for September delivery tumbled 4.2% to sell for $65.41 per barrel at the same time.

Breaking the News / BU