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8/13, 7:26 PM (Source: TeleTrader)
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Oil prices decline as virus spread prompts demand fears

Prices of oil futures declined on Friday, as the investors remained worried over the effects that the spread of the COVID-19 Delta strain could have on the future demand for crude.

Moreover, a report published by Baker Hughes revealed a higher-than-expected weekly increase in the number of oil rigs in the United States.

Brent for October delivery was down 0.94% to $70.66 per barrel at 1:14 pm ET. At the same time, West Texas Intermediate futures for September settlement dropped 0.87% to $68.49 per barrel.

Breaking the News / BU