COM - U.S. crude oil tumbles near one-month low as OPEC deal looms

12963734/iStock via Getty Images Crude oil futures extended yesterday's losses, sliding to a four-week low as COVID concerns rise again and reports said the United Arab Emirates and OPEC reached a compromise that would allow a further relaxation of production curbs beginning next month. "The market is not taking any chances," says Phillips Futures senior trader Avtar Sandu. "Prices are very overbought anyway, so traders might want to take some money off the table before the deal is concrete." August WTI crude (CL1:COM) closed -2% to $71.65/bbl, the lowest front-month contract settlement since June 18, and September Brent (CO1:COM) finished -1.7% to $73.47/bbl, the lowest settlement since July 7. ETFs: [[XLE]], [[USO]], [[UCO]], [[XOP]], [[VDE]], [[GUSH]], [[OIH]], [[ERX]], [[BGR]], [[BNO]] Worries over the spread of the delta coronavirus variant also have contributed to weakness in oil prices, with COVID cases again on the rise in the U.S. which "could hamper

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U.S. crude oil tumbles near one-month low as OPEC deal looms