Oil trades below $69; WTI down nearly 3%

Oil rigs

Oil prices declined on Monday, with the slowdown of economic activity in China, amid Delta variant exerting pressure on the second largest economy in the world. 

Economic data revealed that retail sales and factory activity in China slowed sharply in July, at levels below analysts' expectations. 

The decline in oil prices may be due to the slower recovery of the economy in China, which is a major consumer of oil, British financial services company, CMC, said in a statement published by Reuters. 

Brent crude for October delivery fell by 2.5% to $68.82 a barrel, at 15:25 Makkah time, while WTI lost 2.9%, to $66.46 a barrel.