Crude oil futures ended deeply in red on Monday weighed down by concerns about oversupply in the market after the Organization of the Petroleum Exporting Countries and it allies, collectively known as OPEC+, agreed to boost output. As per the agreement reached, the cartel boost output by 400,000 barrels a day each month from August, continuing until all of its halted output has been revived. Further, Oil prices were also hurt by rising concerns about outlook for energy demand due to the rapidly spreading delta variant of the coronavirus and fresh restrictions on movements in several countries across the world.
Crude oil futures for September fell $5.21 or 7.3 percent to settle at $66.35 barrel on the New York Mercantile Exchange. September Brent crude dropped $5.24 or 7.1 percent to settle at $68.36 a barrel on London's Intercontinental Exchange.