Oil prices dropped 2% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new pandemic curbs in Asia, especially China, may set back the global recovery in fuel demand, APA reports quoting Reuters.
Brent crude futures slid $1.41, or 2%, to $69.29 a barrel by 0125 GMT, after having slumped 6% last week, their biggest weekly loss in four months.
U.S. West Texas Intermediate (WTI) crude futures fell $1.32, or 1.9%, to $66.96 a barrel, after having slumped nearly 7% last week in their steepest weekly decline in nine months.
"Concerns about potential global oil demand erosion have resurfaced with the acceleration of the Delta variant infection rate," RBC analyst Gordon Ramsay said in a note.
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