U.S. oil futures settle at lowest in a week

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Oil futures declined on Monday, with U.S. prices settling at their lowest in a week. The factors pressuring oil prices include “rising COVID-19 cases, lower economic activity in China and delayed economic recovery elsewhere,” said Manish Raj, chief financial officer at Velandera Energy. The delta variant, and other emerging strains are “on top of every oil trader’s mind.” Meanwhile, Atlantic storms may cause short-term oil market disruptions, though storm-related outages are “temporary at best,” said Raj. West Texas Intermediate crude for September delivery
CLU21,
-1.49%
fell $1.15, or 1.7%, to settle at $67.29 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since Aug. 9, according to data from FactSet.

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