Oil 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.
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
California’s moves follow the recent reinstatement of some restrictions in other states, such as Florida and Texas. Under the existing agreement, OPEC+ is set to taper its record supply cut of 9.7 million barrels per day to 7.7 million bpd from August through December.
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Yemeni Houthis say they hit Saudi oil facility in drone, missile attackYemeni Houthi forces hit a large oil facility in the southern Saudi Arabian city of Jizan in drone and missile attacks overnight, a Houthi military spokesman said on Monday.
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