Oil prices fell for a sixth day, the longest losing streak since February 2020, as a spike in COVID-19 cases worldwide fuelled fears over slower fuel demand while a surprise build in U.S. gasoline inventories added to pressure.
Brent crude was down 87 cents, or 1.3%, at $67.36 a barrel by 0447 GMT, after touching the lowest since May 24 at $67.10 earlier in the session.
Prices have fallen as investors remained worried over the increase in infections caused by the Delta variant of the coronavirus worldwide, with virus-related deaths in the United States, the world's largest oil user, spiking over the past month."Crude prices continue to look vulnerable around those mid to late summer support levels - $65 in WTI and $67 in Brent," Craig Erlam, senior market analyst at OANDA Europe, said in a note.
A surprise build in U.S. gasoline inventories last week also boosted concerns over slowing demand, especially as the Northern Hemisphere summer is typically when demand for the fuel peaks.rose by 696,000 barrels to 228.2 million, the Energy Information Administration said on Wednesday, against analysts' expectations for a 1.7 million-barrel drop.
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