Oil prices decline 2%, selloff continues

Tuesday, 03. August 2021 15:03

On Tuesday, prices of oil futures extended yesterday's losses sparked by fears over the impact of the Delta coronavirus strain on future economic developments and oil demand worldwide, along with the latest manufacturing data that failed to meet projections in major global economies.

Traders will await the American Petroleum Institute's report on United States crude stockpiles, due to come out later in the day.

Brent for October deliveries fell by 2.11%, going for $71.37 per barrel at 8:51 am ET, while West Texas Intermediate (WTI) for settlements in September was down 2.33% to sell for $69.56 per barrel a minute later.

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Breaking the News / MS