19.08.202119:13:00UTC+00Oil Futures Settle Lower For 6th Straight Session On Demand Worries

Crude oil futures fell for a sixth straight session, as worries about outlook for energy demand after data showing a surprise build in gasoline inventories, and continued spikes in coronavirus cases hurt the commodity on Thursday.

A stronger dollar amid rising prospects of tighter monetary measures from the Federal Reserve weighed as well on crude oil prices.

West Texas Intermediate Crude oil futures for September ended down by $1.77 or about 2.7% at $63.60 a barrel, the lowest settlement in three months.

Brent crude futures were down $1.38 or 2.01% at $66.85 a little while ago.

Data released by Energy Information Administration (EIA) late Wednesday showed gasoline stockpiles unexpectedly increased by 700,000 barrels last week, the first increase in more than a month as a result of an increase in coronavirus cases worldwide.

Circulation of the Delta variant in areas of low vaccination is driving transmission of COVID-19, the World Health Organization said.

The International Energy Agency last week trimmed its oil demand outlook due to the spread of the Delta variant while OPEC left its demand forecasts unchanged.