Global crude oil prices took a knock as concerns emerged around the short-term demand outlook.
The benchmark Brent crude prices dropped 4% to a six-week low of $67.85/bbl. This month, the benchmark crude prices are down almost 13% due to the fresh Covid-induced curbs imposed by China, which is the world's largest oil importer.
Rising cases of Delta variant of the coronavirus have led China to impose travel restrictions which have dampened the demand growth outlook.
A strengthening US Dollar is putting pressure on Brent crude prices.
United Nations panel’s dire warning on climate change also added to the gloomy sentiment.
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