U.S. oil prices fell to settle at their lowest in nearly a month Thursday on concerns about lower demand for energy and increased output. The losses followed reports of progress this week toward an agreement on production levels between Saudi Arabia and the United Arab Emirates and worries that the spread of the Delta variant of COVID-19 will lead to further economic restrictions.
West Texas Intermediate oil for August delivery CLQ21, 0.25% fell $1.48, or 2%, to settle at $71.65 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since June 18, FactSet data show.