Covid Delta flare-up sends price of Brent crude sliding to $68 a barrel 

Oil plunged to an 11-week low on Monday, extending losses after the worst week since October, as new waves of Covid-19 threatened fuel demand.

Crude has run into stiff headwinds this month as the Delta variant sweeps across the globe, leading to renewed restrictions. File picture

Oil plunged to an 11-week low, extending losses after the worst week since October, as new waves of Covid-19 threatened fuel demand.

Goldman Sachs downgraded its economic growth forecast for China as the country imposed measures to contain virus flare-ups, including a mass testing programme in Wuhan – the original epicentre of the pandemic. Infections have also climbed in the US and Thailand. The price of Brent crude oil lost 3.8% to $68 a barrel.