BKR - U.S. crude oil slides below $70 in biggest one-day drop since September

imaginima/E+ via Getty Images WTI crude oil futures tumble below $70/bbl for the first time in more than a month, as OPEC and its allies agreed to increase production at the same time the COVID-19 delta variant threatens global demand. WTI August crude (CL1:COM) settled -7.5% at $66.42/bbl, its largest daily percentage loss since September and lowest settlement since May 28, while September Brent (CO1:COM) closed -6.8% to $68.62/bbl. Hopes for surging demand have supported oil prices all year long but rapidly climbing COVID-19 cases are forcing investors to trim their expectations for the economy. "If we stagnate or retrace some of the demand increase we’ve seen thus far, the market will move from being undersupplied to oversupplied into the back half of the year," CIBC Private Wealth U.S. energy trader Rebecca Babin tells WSJ. But analysts generally see the OPEC+ agreement as positive for oil prices, since the larger risk to

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U.S. crude oil slides below $70 in biggest one-day drop since September