Crude oil prices drop

Tuesday, July 27, 2021

Oil prices fell on Monday as the spread of the  Delta variant stoked fears about fuel demand, but losses were limited by forecasts that crude supply will be tight the rest of the year, Reuters reports.

Brent crude futures for September were down 24 US cents, or 0.3 percent, at US$73.86 a barrel by 12:38 p.m. ET (1638 GMT). U.S. West Texas Intermediate crude slipped by 54 US cents, or 0.8 percent, to US$71.53. Early in the session, both benchmarks fell by more than US$1 a barrel.