Oil Futures Snap 4-day Winning Streak, Settle Marginally Down

Crude oil futures settled lower on Monday amid worries about outlook for energy demand due to the rapidly spreading delta variant of the coronavirus in several countries across the world.

West Texas Intermediate Crude oil futures for September ended down by $0.16 or about 0.2% at $71.91 a barrel, after four successive days of gains.

In coronavirus news, Russia’s total virus cases surpassed 6 million and Turkey said cases in the country tripled on Sunday compared with earlier this month.

The world’s largest crude importer China reported 76 new COVID-19 cases on Sunday, the highest since the end of January amid a surge of local infections in the eastern city of Nanjing.

China’s central and eastern parts are also reeling under severe floods and a typhoon.

With strong U.S. demand and expectations of tight supplies underpinning prices, investors now look ahead to a Federal Reserve meeting and U.S. oil inventories data for further direction.

The material has been provided by InstaForex Company – www.instaforex.com