U.S. oil prices mark lowest settlement in more than a week


Oil futures logged their lowest settlement in over a week on Monday, with prices pressured by concerns that the spread of COVID variants in Europe and Australia will hurt travel, and demand for fuel. Traders also awaited a decision on production from the Organization of the Petroleum Exporting Countries and their allies, which is expected on Thursday. Meanwhile, China said it plans to raise retail prices of gasoline and diesel starting Tuesday, according to report from Xinhua, citing the National Development and Reform Commission. Oil prices dipped in the wake of the report, as China looks to “try and cool demand and prices” for commodities, said Phil Flynn, senior market analyst at The Price Futures Group. West Texas Intermediate oil for August delivery
declined by $1.14, or 1.5%, to settle at $72.91 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since June 18, FactSet data show.


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