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Oil Slumps With Delta Variant Surge Threatening Global Demand

  • U.S. benchmark WTI kicks off the week with a 1.7% drop
  • Rising Covid cases across Asia hurt prospects for consumption
Fuel Tanker-Truck Driver Shortage As Summer Demand Rises
Photographer: George Frey/Bloomberg
Updated on

Oil fell for a third consecutive day as Chinese economic data disappointed and the spread of the delta coronavirus variant hurt prospects for global demand.

Futures declined 1.7% on Monday, the biggest loss in a week as fresh outbreaks in Asia weigh on China’s economy, with retail sales and industrial output slowing. U.S. gasoline demand fell in the week ending Aug. 13, according to a survey based on movements of cellular devices by Descartes Labs Inc. Fuel consumption has fallen for three-straight weeks with the delta variant causing increased infections and hospitalizations.