Global crude oil prices today posted heavy losses of around three and half percent. The brent crude prices plunged to trade near 66 dollars a barrel which is its lowest since May.
The crude prices came down pressured by concerns about weaker demand as COVID-19 cases rise. A stronger U.S. dollar and a surprise increase in U.S. gasoline inventories also pulled oil prices down.
The World Health Organization said, circulation of the Delta variant in areas of low vaccination is driving transmission of COVID-19. Coronavirus-related deaths have spiked in the United States over the past month.
In intra-day trade, Brent crude was trading around 66 dollars and 10 cents per barrel while WTI crude prices were at 63 dollars and 10 cents per barrel.
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