Crude oil futures ended lower on Monday amid concerns about outlook for energy demand due to the surge in the delta variant of the coronavirus and possible fresh travel restrictions in several places. Investors also fear that the lack of a new supply agreement among the OPEC and its allies could prompt major oil producers to significantly step up production much faster. Besides, finance ministers from the Group of 20 countries warned over the weekend that the global economic growth is at risk from the spike of new coronavirus variants and the low vaccine availability in developing countries.
Crude oil futures for August fell $0.46 or 0.6 percent to settle at $74.10 barrel on the New York Mercantile Exchange. September Brent crude lost $0.27 or 0.36 percent to settle at $75.28 a barrel on London's Intercontinental Exchange.