Crude falls on surging Covid cases, following worst week since October for oil

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Oil derrick pumps operate at the Inglewood Oil Field in Culver City, California, on Sunday, July 11, 2021.Kyle Grillot | Bloomberg | Getty ImagesOil prices slid Monday, building on last week's steep losses, as rising Covid cases prompted fears of a demand slowdown.West Texas Intermediate crude futures declined more than 4% at one point to trade as low as $65.15, a level not seen since May. The contract recovered some of those losses during afternoon trading and ultimately settled 2.64% lower at $66.48 per barrel. International benchmark Brent crude settled at $69.04 per barrel for a loss of 2.35%, after hitting a low of $67.60."The biggest challenge for oil markets remains the uncertainty around COVID as the 'delta variant' has made for the highest daily case counts since early 2021," Bank of America said.Last week, both contracts dipped more than 7% for their worst week since October. The slide came amid demand worries as well as a surprise buildup in U.S. crude inventory. Th
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