Crude prices extend losses, tumble 4% as virus worries weigh

Crude prices fell sharply on Monday, extending losses from late last week partly due to concerns about the spread of the delta variant of coronavirus. Crude for September delivery fell $2.84, or 4.2%, to $65.43 a barrel. Brent oil fell $2.76, or 3.9%, to $67.93 a barrel. U.S. oil futures booked the sharpest weekly slump in 9 months on Friday as the dollar rallied on the back of strong jobs data. Spreading cases of the delta variant have also sparked concerns of a growth slowdown, which would impact oil demand. Goldman Sachs slashed its China third-quarter growth forecast, which lowered its annual view, due to more cases of COVID-19.

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