Oil Continues To Collapse On OPEC News, COVID Fears

Oil prices continued their decline in the afternoon hours on Monday, with WTI crude falling sharply to $66.33 per barrel. The price of a WTI barrel was down 7.63% on the day—a slide that began following the Sunday OPEC meeting, which only grew worse as Delta variant fears crept into the markets. The price drop is despite the forecast for an ever-tightening supply situation in the oil market. Poor timing OPEC’s timing could be seen as rather unfortunate. The group was handed a favor in the IEA’s prediction that the market shortfall…