Oil plunges as Delta variant raises concern over fuel demand recovery
Oil prices fell over 1% on Monday as restrictions imposed by the government to counter the spread of Delta variant of coronavirus raised concerns about recovery in fuel demand, Reuters reported.
Brent crude was down 1.1% at $69.79 a barrel while U.S. crude future fell 1.2% to $67.73 a barrel.
"Crude oil remained under pressure as the fast spreading Delta variant of the coronavirus casts a cloud over the outlook for demand," ANZ Research said in a note.
9:00 A.M.
Asia stocks fall as China's economic data disappoints
Asian stocks market fell on Monday after China released its economic data for July that showed a sharp slowdown in economic growth, Reuters reported.
The data on July retail sales, industrial production and urban investment missed forecasts and the tightening in coronavirus restrictions is expected to make thing worse.
Japan's Nikkei fell 1.8% and Nasdaq futures and S&P 500 futures also slipped 0.2%. However, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2% and Chinese blue chips held gains of 0.3% on aggressive policy easing from Beijing.