Oil Logs First Time After Two Rises

Oil prices posted on Monday the first decline in three sessions due to the rising concerns about the resurgence of the Coronavirus pandemic with the spread of the Delta variant in many parts of the world.

Uncertainty about the pandemic and economic recovery is negatively reflecting on the expectations for energy demand, despite earlier expectations of a rebound during the second half of the year.

Brent crude futures for September delivery lost 39 cents, or 0.5%, to finish at $75.16 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for August delivery declined by 46 cents, or 0.6%, to end the session at $74.10 per barrel.

Discussions among members of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers within the OPEC+ alliance continue with the aim of ensuring market stability and agreeing on output policy for the coming months.