Oil on Longest Declining Streak Since Before Pandemic

Oil prices dropped again for the sixth consecutive session, falling to its lowest closing level in about three months.

With concerns over economic recovery and the prospects of the U.S. Federal Reserve scaling back support measures, vowing to cut asset purchases soon, and the spread of the Coronavirus Delta variant, crude oil futures are now in their longest declining streak since late February 2020.

Today, Brent crude futures for October delivery fell by $1.78, or 2.61%, to $66.45 per barrel.

The West Texas Intermediate (WTI) futures for September delivery lost $1.77, or 2.70%, to settle at $63.69 per barrel.

This is the worst loss for both contracts since August 4.