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Crude oil futures end lower on concerns over COVID spread

The surge in new coronavirus cases has led to renewed lockdowns in some parts of the world

Crude oil futures ended lower on Tuesday, extending their previous session’s losses, as concern over rising cases of the Delta coronavirus variant. Data from the Centers for Disease Control and Prevention has shown a jump in new coronavirus cases in the US in recent weeks, with the seven-day moving average of new cases reaching 72,790 last Friday, surpassing the peak seen last summer. The surge in new coronavirus cases has led to renewed lockdowns in some parts of the world, which have added to recent concerns about a slowdown in the pace of the US economic recovery.

Crude oil futures for September fell 70 cents or 1 percent to settle $70.56 barrel on the New York Mercantile Exchange. October Brent crude dropped 48 cents or 0.66 percent to settle at $72.41 a barrel on London's Intercontinental Exchange.