Oil Falling Over Fuel Demand Concerns, Investors Expect OPEC+ Meeting

Oil was down Tuesday morning in Asia, as the fast-spreading Delta variant of COVID-19 in some countries darkened the fuel claim outlook.

June 30, 2021 - 05:46 PM 423 views

Oil Falling Over Fuel Demand Concerns, Investors Expect OPEC+ Meeting

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Oil was down Tuesday morning in Asia, as the fast-spreading Delta variant of COVID-19 in some countries darkened the fuel claim outlook.

Investors also expect an Organization of the Petroleum Exporting Countries and associates (OPEC+) meeting later in the week. Brent oil Futures, strike down 0.38% to $73.86 by 10:20 PM ET and Crude Oil WTI Futures slued 0.32% to $72.68. 

Oil has derived around 10% in June 2021 due to the economic betterment from COVID-19 in markets including the U.S. and China.​ 

Nevertheless, the U.K. denoted the highest daily heighten in COVID-19 cases on Monday since Jan. 30. Hong Kong, Spain, and Portugal censored all passenger flights from the nation to edge the spread of eruptions involving COVID-19's Delta variant. 

Meanwhile, the Australian cities of Sydney, Darwin, Perth, and Brisbane imposed lockdown measures to cut back the country's latest COVID-19 outbreak. On the supply side, OPEC+ is anticipated to increase supply by 500,000 to 1million barrels a day in August when the syndicate meets on Thursday. In data to be reexamined at the meeting, OPE+ forecasts that worldwide oil markets will remain in shortfall in 2021 if it keeps output dependable. 

Fuel demand expected to stand out supply by 1.7 million barrels a day in August, in accordance to estimates to be presented to the Joint Technical Committee.  Meanwhile, U.S. crude oil render data from the American Petroleum Institute is due afterwards in the day.​

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