Oil Prices Inch Even Lower Following Devastating 7% Single-Day Loss

After plunging nearly 7% on Monday, oil prices saw a leveling off and even a smidgeon of a rebound on Tuesday in what many hope will be a new state of calm in the market. WTI prices dropped sharply on Monday—from more than $71 per barrel--in a collision of ill-timed OPEC developments and Delta variant fears that left the market skeptical of the previous oil demand optimism. On Tuesday morning, WTI oil fell 0.89% (-$0.59) to $65.83 per barrel—erasing nearly all of the price gains that the U.S. benchmark has seen over the past two months.…