Oil falls to its lowest level in three weeks

Oil prices fell more than 2% today to their lowest level in three weeks, extending their sharp losses last week, as both Brent and WTI closed at their lowest levels since July 19. Today, China reported 125 new cases of coronavirus, Covid 19, up from 96 the previous day, and China's imports of crude oil fell sharply in July after their record levels in June 2020.

Brent crude futures fell $1.66, or 2.4%, to $69.04 a barrel, and US West Texas Intermediate crude futures fell $1.80, or 2.6%, to $66.48 a barrel.