Oil edged lower as investors weighed signs major producers are continuing to cut output against fears of a second coronavirus wave.<\/p>\n
Futures in New York fell below $37 a barrel after rising 2.4% on Monday. Saudi Arabia cut term supplies to some Asian refiners by as much as 40% and Iraq said it will make deep reductions as they comply with the OPEC+ deal. U.S. shale is also still in retreat, with the Energy Information Administration forecasting output will drop to 7.63 million barrels a day in July.<\/p>\n
The production curbs are going some way to offsetting worries about a new virus outbreak in Beijing as well as sharp increases in infections in some U.S. states including Arizona and Florida. In a move that also helped to counter these concerns, the Federal Reserve said it would start buying a broad portfolio of corporate bonds, aiding sentiment across financial markets.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil edged lower as investors weighed signs major producers are continuing to cut output against fears of a second coronavirus wave. Futures in New York fell below $37 a barrel after rising 2.4% on Monday. Saudi Arabia cut term supplies to some Asian refiners by as much as 40% and Iraq said it will make deep reductions as they comply with the OPEC+ deal. U.S. shale is also still in retreat, with the Energy Information Administration forecasting output will drop to 7.63 million barrels a day in July. The production curbs are going some way to offsetting worries about a […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[139,130,187],"tags":[],"class_list":["post-357607","post","type-post","status-publish","format-standard","hentry","category-live-mint","category-newspapers","category-oil-gas-live-mint"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/357607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=357607"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/357607\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=357607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=357607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=357607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}