Oil prices slipped for a second day on Tuesday on worries about slower fuel demand growth as outbreaks of the highly contagious COVID-19 variant ...
LONDON: Oil prices dropped for a second day on Tuesday on worries about slower fuel demand growth as outbreaks of the highly contagious Delta variant of coronavirus sparked new mobility restrictions around the world.
Despite the virus flare-up, the market still broadly expects vaccine rollouts to brighten the demand outlook, analysts said. "Oil supply is being effectively managed therefore dips are probably viewed by ardent bulls as attractive buying opportunities."The flare-up in cases of the Delta variant comes as the Organization of the Petroleum Exporting Countries, Russia and allies, together known as OPEC+, are set to meet on July 1 to discuss easing their supply curbs.
Analysts expect OPEC+ to step up supply in August as the market has tightened on strong growth in fuel demand in the United States and China, the world's two biggest oil consumers.
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