Brent oil price dropped below $70

The price of Brent fell below $70 a barrel for the first time in two weeks. At the low of the session on August 5, the futures price for benchmark oil for October delivery fell to $69.75, WTI - to $67.62.

Quotes fall for the fourth day in a row on fears about the delta strain of coronavirus. Traders are worried about the consequences of the introduction of new restrictions, writes Bloomberg.

In addition, the Energy Information Administration (EIA) recorded an unexpected increase in oil inventories last week (July 24-30), by 3.6 million barrels. Experts polled by S&P Global Platts expected a 4 million barrel cut in inventories.

The decision of the OPEC+ countries, which agreed to increase oil production by 400,000 barrels per day every month (starting from August) and increase quotas for some countries, also led to a decrease in oil prices.