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© Reuters.
Doris You
Investing.com-Oil prices in Asia fell on Tuesday morning due to concerns about the number of COVID-19 cases in parts of the world. Investors are now waiting for this week’s meeting of the Organization of Petroleum Exporting Countries and its allies (OPEC+), which is expected to increase fuel supply.
As of 10:20 pm Eastern Time (2:20 am GMT), it fell 0.38% to US$73.86 and fell 0.32% to US$72.68.
US crude oil supply data will be released later today.
Due to the economic recovery from COVID-19 in major markets including the United States and China, oil prices rose by about 10% in June.
However, the UK on Monday reported the highest daily increase in COVID-19 cases since January 30. Spain and Portugal ban all passenger flights from the country to curb the spread of the Delta variant of COVID-19. At the same time, the number of COVID-19 cases in Australia has skyrocketed, and as of Sunday, there were 110 cases of the Delta variant in Sydney.
On the supply side, OPEC+ is expected to increase supply by 500,000 to 1 million barrels per day at the August cartel meeting.
The organization predicts that if production remains stable, the global oil market will maintain a deficit in 2021. According to estimates submitted to the Joint Technical Committee, fuel demand exceeded the supply of 1.7 million barrels per day in August.
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