17.08.202110:06:00UTC+00Oil Extends Losses For Fourth Day

Oil prices were moving lower for the fourth day running on Tuesday amid fears that the spread of the Delta variant of COVID-19 would threaten oil demand recovery.

Benchmark Brent crude futures fell 29 cents, or 0.4 percent, to $69.22 per barrel, while U.S. West Intermediate crude futures were down 36 cents, or half a percent, at $66.69.

Traders are adjusting forecasts of Chinese demand after China's factory output and retail sales growth slowed sharply and missed expectations in July. The fast spreading Delta variant of the coronavirus has cast a cloud over the outlook for demand.

The Japanese government is set to extend COVID-19 emergency control measures to more areas and into September to suppress the fifth wave of infections, public broadcaster NHK reported.

Crude oil processing in China, the world's biggest oil importer, last month fell to its lowest level on a daily basis since May 2020 as independent plants slashed production amid tighter quotas, high inventories and weakening profits.

Meanwhile, Reuters said citing sources that OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months.