Oil prices fell nearly $1 on Monday as concerns about fuel demand from the spread of COVID-19 variants, as well as floods in China, offset expectations of tight supplies through the rest of the year. Brent crude futures for September fell 95 cents, or 1.3%, to $73.15 a barrel by 0627 GMT while the U.S. Texas Intermediate crude was at $71.11 a barrel, down 96 cents. Earlier, both contracts dipped just over $1. Coronavirus cases continued to rise over the weekend with some countries posting record daily increases and extending lockdown measures that could slow oil demand. China, the world’s largest crude importer, has also seen a rise in COVID-19 cases while the nation battled severe floods and a typhoon in central and eastern parts of the country. read more Also, Beijing’s crackdown on the misuse of import quotas combined with the impact of high […]