Crude oil prices dip on demand fears as Opec+ considers output increase
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 OPEC+ producers prepare to increase output from August.
Brent crude futures fell 44 cents to $42.28 a barrel by 0840 GMT and US West Texas Intermediate (WTI) crude futures slid 53 cents to $39.57.
The governor of California, the United States’ most populous state, on Monday ordered bars to shut and restaurants, movie theatres, zoos and museums to cease indoor operations as coronavirus cases soared.
