Global crude prices dropped over four percent, hitting more than two-week lows, amid rising concerns over new pandemic-related restrictions in China and a strengthening US dollar.
At 1230 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $2.69 (-3.80 percent) to reach $68.01 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $65.52, down by $2.76 (-4.04 percent).
The price for Opec Basket was recorded at $71.83 a barrel with 1.21 percent decrease, Arab Light was available at $72.67 a barrel with 2.63 percent increase, while the price of Russian Sokol jumped to $71.90 after gaining 2.42 percent.
The drop reportedly comes amid new restrictions introduced by China, one of the world’s major oil consumers, due to rising Covid-19 cases, as concerns about potential global oil demand erosion have resurfaced with the acceleration of the delta variant infection rate.
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