The fall in oil prices worsened, with both benchmarks hitting their lowest levels since May in today’s trading session.
At the opening of the European session, US WTI crude oil futures plunged nearly 2% to the price level of $ 63.95 a barrel. Meanwhile, Brent crude oil traded down 1.6% and traded around $ 67 a barrel.
WTI was down more than 7%, while Brent was down more than 5% after posting a six-day decline, the longest decline since late February 2020.
Market concerns over the increase in coronavirus cases worldwide following the spread of the Delta variant, caused sentiment in the crude oil market to remain gloomy.
To make matters worse was when data from the Energy Information Administration (EIA) reported an increase of 696,000 barrels in petrol last week, sparking market concerns over fuel demand in the country.
At the same time, the EIA also reported a decline in crude oil supply, but oil prices failed to rise.
The strengthening of the US dollar at a four -and -a -half -month high also weighed on crude oil prices making it more expensive for holders of other major currencies.