Oil Sinks As Demand Outlook Worsens

Oil prices dropped by more than 2 percent early on Monday, as weak data about China's economy and ultra-low U.S. consumer confidence weighed on the immediate global oil demand outlook. As of 9:06 a.m. EDT, WTI Crude was down 2.54% at $66.65, and Brent Crude traded down 2.28% at $68.94, as the market continues to fear that the COVID resurgence will hit fuel demand and slow down economic growth in the world's top oil importer, China.   Today, economic data out of China for July was bearish for the oil market and prices. The country's industrial…