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Reuters
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Oil fell to the level of $ 68 a barrel today, Tuesday, as the high incidence of Covid-19 infections could weaken demand again with an increase in ‘OPEC +’ supply.
Monday’s sales pushed oil to its two-month low and weighed on other riskier assets.
While stocks avoided further selling today, yields on US and German Treasuries also fell, indicating investors remain concerned.
Brent crude fell 0.3% to $ 68.39 a barrel at 1:53 pm GMT after falling 6.8% yesterday.
While US crude for August delivery, the contract that ends later today, fell 1.8% to $ 65.23, after falling 7.5% yesterday, and the US crude contract for next September fell 1.6% to $ 65.31.
The Organization of the Petroleum Exporting Countries “OPEC” and its allies within the framework of the “OPEC +” group agreed last Sunday to increase production from next August, which means canceling more supply restrictions which were imposed when the epidemic began last year.
Source: Reuters
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