Oil slipped for the fifth session straight on COVID-19 concerns

Global benchmarks for crude oil registered another drop on Wednesday, 18 August 2021 marking the fifth straight falling session as demand outlook clouded by the rising COVID-19 cases worldwide. Meanwhile, supply is set to increase after OPEC and allies agreed to lift production output by 400,000 barrels/day in the next several months.

Brent settled 80 cents lower to $68.23/barrel.

WTI loses $1.13 to close at $65.46/barrel.