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  4. Oil Down Over Demand Concerns, Ahead of OPEC+ Meeting
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Oil Down Over Demand Concerns, Ahead of OPEC+ Meeting

By Doris Yu AiVIF.com – Oil was down Tuesday morning in Asia due to concerns about an outbreak of the number of COVID-19 cases in part of the world. Investors now await the...
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Oil Down Over Demand Concerns, Ahead of OPEC+ Meeting © Reuters.

By Doris Yu

AiVIF.com – Oil was down Tuesday morning in Asia due to concerns about an outbreak of the number of COVID-19 cases in part of the world. Investors now await the Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting this week, which is expected to boost fuel supply.

Brent Oil Futures fell 0.38% to $73.86 by 10:20 PM ET (2:20 AM GMT) and Crude Oil WTI Futures slid 0.32% to $72.68.

U.S. crude oil supply data from the American Petroleum Institute is due later in the day.

Oil is up around 10% in June due to the economic recovery from COVID-19 in key markets including the U.S. and China.

However, the U.K. reported the highest daily rise in COVID-19 cases on Monday since January 30. Hong Kong, Spain, and Portugal banned all passenger flights from the nation to curb the spread of the Delta variant of COVID-19. Meanwhile, Australia is seeing a spike in the number of COVID-19 cases, with 110 cases of Delta variant in Sydney by Sunday.

On the supply side, OPEC+ is expected to increased supply by 500,000 to 1 million barrels a day in August when the cartel meets on Thursday.

The group forecasts that global oil markets will remain in deficit in 2021 if it keeps output steady. Fuel demand is surpassing supply by 1.7 million barrels a day in August, according to estimates to be presented to the Joint Technical Committee.

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01-05-2024 10:45:17 (UTC+7)

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1.0658

-0.0008 (-0.07%)

Summary

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Moving Avg:

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EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

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GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

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USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

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USD/CAD

1.3780

+0.0003 (+0.03%)

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EUR/JPY

168.32

+0.10 (+0.06%)

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EUR/CHF

0.9808

+0.0001 (+0.01%)

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Gold Futures

2,295.80

-7.10 (-0.31%)

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Silver Futures

26.677

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Copper Futures

4.5305

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Crude Oil WTI Futures

81.14

-0.79 (-0.96%)

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Brent Oil Futures

85.62

-0.71 (-0.82%)

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5,035.69

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DAX

17,921.95

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8,144.13

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17,763.03

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1,973.05

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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RON 95-V25.44025.940
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KRW15,9219,31
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