Brent falls more than 2%; WTI crude slips below $67

Oil rigs

Oil prices slumped 2% on Monday amid a stronger US dollar and concerns over rise in Delta variant coronavirus cases.

The international benchmark Brent crude was trading down 2.2% at $69.14 per barrel, at 9.05 am Makkah time.

WTI crude fell 2.4% to $66.67 per barrel.

"Concerns about potential global oil demand erosion have resurfaced with the acceleration of the Delta variant infection rate," Reuters reported, citing Gordon Ramsay, an analyst at Royal bank of Canada.

Meanwhile, ANZ analysts pointed to new restrictions in China, the world's second largest oil consumer, as a major factor clouding the outlook for demand growth.

Latest economic data showed that China's crude oil imports fell in July to 9.71 million barrels per day (bpd), a fourth month in a row of imports below 10 million bpd.