Oil continues to decline under Covid pressure and supply concerns – economic – global economy

Oil fell to $ 68 a barrel on Tuesday, extending a sharp drop from the previous session over concerns that the high frequency of Covid-19 infections could weaken demand again when OPEC + increases supply.

Sales on Monday pushed oil to a two-month low and weighed another riskier asset. Although stocks avoided fresh selling today, U.S. and German treasury yields also fell, indicating investors remain concerned.

“In the current situation, it’s hard to see a return on prices without re-checking the virus,” said Stephen Brennock of brokerage BVM.

“It is clear that the market is concerned about the appearance of demand,” he added.

Brent crude fell 23 cents, or 0.3 percent, to $ 68.39 a barrel to 1,353 GMT, after falling 6.8 percent on Monday.

U.S. crude for August delivery, a contract that expires later today, fell $ 1.19, or 1.8 percent, to $ 65.23, after falling 7.5 percent yesterday, and U.S. crude for September fell 1.6 percent to $ 65.31.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, within the group (OPEC +), agreed on Sunday to increase production from August, to lift more supply restrictions imposed when the pandemic began last year. .


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