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Oil drops under $70, heads for biggest one-day loss since March on COVID spread, OPEC+ deal


Provided by
Dow Jones
By Myra P. Saefong and Barbara Kollmeyer
Goldman sees higher prices ahead
Crude-oil prices fell below $70 a barrel, poised for their biggest daily percentage loss since March, as concerns over the spread of the COVID delta variant continue to cloud the demand outlook after OPEC+ reached a deal to boost oil production.
The rise in the delta variant has not only hindered OPEC s ability to increase production without pulling down prices, but also has much broader implications for the macro trade that is not supportive of oil prices, Troy Vincent, market analyst at DTN, told MarketWatch. ....

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