Oil prices fell on Tuesday on worries that new restrictions to stem surging U.S. and Asian coronavirus cases could threaten a recovery in fuel demand just as OPEC+ producers prepare to increase output from August.
FILE PHOTO: A pump jack on a lease owned by Parsley Energy operates in the Permian Basin near Midland, Texas U.S. August 23, 2018. Picture taken August 23, 2018. REUTERS/Nick Oxford/File Photo
The governor of California, the United States’ most populous state, on Monday ordered bars to shut and restaurants, movie theatres, zoos and museums to cease indoor operations as coronavirus cases soared. On the suppy side, markets are keenly awaiting news from Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, on the next level of production cuts. OPEC’s Joint Technical Committee meets on Tuesday, with the Joint Ministerial Monitoring Committee due to meet on Wednedsay.
The oil market is moving closer to balance as demand gradually rises, OPEC’s secretary general said on Monday.However, Citi analysts said that the looming supply increase could weigh on prices given demand uncertainties. Morgan Stanley said oil demand is unlikely to exceed pre-COVID levels until late 2021.
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Oil prices drop on demand recovery fears, OPEC+ easing expectationsOil prices fell more than 2% on Tuesday on worries that new clampdowns on businesses to stem surging U.S. coronavirus cases could threaten fuel demand recovery and expectations that OPEC+ might ease output cuts from August in an upcoming meeting.
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Oil slips as traders eye supply cut easing at OPEC meetingOil slipped in early Asian trade on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices.
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Oil slips as traders eye supply cut easing at OPEC meetingOil slipped in early Asian trade on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices.
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OPEC chief sees oil market moving closer to balance before key meetingThe oil market is getting closer to balance as demand gradually rises, OPEC's secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs from August.
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UAE behind oil blockade as Libya again halts oil exports: state firmLibya's National Oil Corp (NOC) has accused the United Arab Emirates of encouraging warlord Khalifa Haftar militias to reimpose a blockade of oil exports after the departure of the first tanker in six months.
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OPEC And Its Allies Are Ready To Boost Production, But Here’s Why An Oil Market Recovery Isn’t GuaranteedGlobal demand for oil is slowly coming back, but a spike in new coronavirus cases could kill chances for a full recovery.
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