Oil Closes Lower for Second Straight Day

Increasing concerns about the resurgence of the coronavirus pandemic with an increased number of new infections with the Delta variant led oil prices to a second consecutive daily loss on Tuesday.

Pandemic-related concerns are leading to mixed expectations about demand recovery as the economic rebound from the coronavirus crisis remains challenged by uncertainties, as evident by the recent economic indicators that came weaker than expected.

Brent crude futures for October delivery lost 48 cents, or 0.66%, to close at $72.41 per barrel.

Meanwhile, the West Texas Intermediate (WTI) futures for September delivery finished lower by 70 cents, or 0.98%, at $70.56 per barrel.

This is the lowest closing level for both the global and U.S. benchmark crude futures since July 21.