Oil dips on demand fears as OPEC+ considers output increase - Reuters

Oil dips on demand fears as OPEC+ considers output increase - Reuters:

Oil prices fell on Tuesday on worries that new restrictions to stem surging U.S. 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 U.S. 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.

California’s moves follow the recent reinstatement of some restrictions in other states, such as Florida and Texas. New restrictions were also introduced in Asia and Australia.