London — Oil prices fell on Tuesday on worries that new restrictions to stem surging US and Asian coronavirus cases could threaten a recovery in fuel demand just as oil cartel Opec and its oil-producing allies, Opec+ prepare to increase output from August.
The governor of California, the US’s most populous state, has ordered bars to shut and restaurants, movie theatres, zoos and museums to cease indoor operations as Covid-19 cases soared. On the supply side, markets are keenly awaiting news from 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 Wednesday.
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-coronavirus levels until late 2021.
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