Oil falls on economic fears

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LONDON (Reuters) – I went down Oil futures On Monday, concerns about slowing global growth overshadowed a possible tightening of supplies.
Brent crude for September delivery fell 89 cents, or 1.2 percent, to $74.66 a barrel by 14:10 GMT, and US West Texas Intermediate crude for August delivery recorded $73.55 a barrel, down $1.01, or 1.4 percent.
Both benchmarks fell about 1 percent last week, but remained close to the highs last reached in October 2018. Brent jumped above $77 last week.
The finance ministers of the Group of Twenty countries warned on Saturday that the spread of strains of the Corona virus and the lack of equitable access to vaccines for developing countries threatens the recovery of the global economy.
“Traders are now refocusing on the spread of the Covid-19 pandemic and global fears of a widening spread of new strains affecting prices despite shrinking oil supplies globally,” said Louise Dixon, analyst at Rystad Energy.





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