Oil Prices Register Third Consecutive Daily Loss

Oil prices extended losses on Wednesday for the third consecutive session, after data showed an increase in crude inventories in the United States against market expectations, coupled with a weaker than expected ADP jobs report.

Pandemic-related concerns and fears surrounding demand recovery from the coronavirus crisis with the spread of the Delta variant led crude futures to close in losses since the beginning of the week.

Brent crude futures for October delivery declined by $2.03, or 2.8%, to close at $70.38 per barrel.

Meanwhile, the U.S. West Texas Intermediate (WTI) crude futures for September delivery dropped by $2.41, or 3.4%, to finish at $68.15 per barrel.