Oil Closes at Lowest Level Month-to-Date

Oil prices declined on Tuesday, to finish near their lowest level in about a week, with the U.S. Dollar (USD) rising across the board and mixed expectations for economic data and recovery indicators.

The spread of the coronavirus Delta variant, as well as production disruptions caused by Hurricane Ida, continue to weigh on crude oil, especially with major producers cutting official selling prices to lure more demand from Asian consumers.

Brent crude futures for November delivery lost 53 cents, or 0.73%, to close at $71.69 per barrel, finishing at its lowest level at the beginning of the month after three consecutive daily losses.

Meanwhile, the West Texas Intermediate futures for October delivery fell by 94 cents, or 1.36%, to settle at $68.35 per barrel.