LONDON: Oil prices fell sharply to a two-week low yesterday as the spread of the coronavirus Delta variant in top consuming countries outweighed the impact of Mideast geopolitical tensions and a fall in US inventories.
Brent crude oil futures were down $1.80, or 2.5 per cent, to $70.61 a barrel. US West Texas Intermediate (WTI) crude fell $2.15, or 3.1pc, to $68.41 a barrel. Both contracts were trading at their lowest since July 21.
“Worries continue to grow over the spread of the Delta variant in China, which has weighed heavily on oil prices in recent days,” analysts at bank ING said.
