Oil Finishes at Three-Week Low on Pandemic Fears

Oil prices declined on Monday for the second consecutive session to reach their lowest level in about three weeks.

The decline comes amid a rise by the U.S. Dollar (USD) and concerns over the spread of the Delta variant of the Coronavirus, with some Asian countries restoring lockdowns and other preventive measures, prompting concerns about economic recovery in the largest crude importers.

Brent crude futures for October delivery lost $1.66, or 2.35%, to finish at $69.04 per barrel.

Meanwhile, the West Texas Intermediate futures for September delivery dropped by $1.80 or 2.64% to $66.48 a barrel.

This marked the lowest closing level for both the global and U.S. benchmark crudes since July 19.