WASHINGTON (dpa-AFX) - Crude oil prices declined sharply on Monday amid concerns about outlook for energy demand after China imposed travel curbs at many places in the country, aiming to halt the spread of the delta variant of the coronavirus.
The U.S. too saw a sharp surge in coronavirus cases last week, with the seven-day average for new daily infections surpassing 100,000, a level not seen since the winter surge.
West Texas Intermediate Crude oil futures for September ended down by $1.80 or about 2.6% at $66.48 a barrel. The contract fell to as low as $65.15 a barrel in the Asian session.
Brent crude futures were down $1.56 or 2.2% at $69.14 a little while ago.
In China, where the Delta variant has been detected in more than a dozen cities since mid July, new curbs, including flight cancellations have been imposed. Travel warnings have been issued in nearly 50 cities, and limits on public transport and taxi services have been imposed in 144 of the worst-hit areas.
According to recent data, China's export growth slowed more than expected in July, import growth was also weaker than expected and the country's factory inflation surged again in July.
Also, China's crude oil imports dropped in July, falling sharply from the record levels of June 2020.
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