Oil prices fell early on Monday to start August with losses after posting a fourth consecutive month of gains in July. Oil settled higher on Friday to end the fourth straight month of gains but erased Friday gains on Monday on resurging COVID cases globally, weak Chinese economic data, and higher oil supply from the OPEC+ group.
As of 11:05 a.m. EDT on Monday, WTI Crude was down 2.31 percent at $72.24 and Brent Crude was trading at $73.89, down 2.02 percent. “Crude futures had more than reversed Friday’s modest gains in the early…Oil Starts August With A Loss
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