Oil prices slip as economic worries offset tightening supplies | Reuters
Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled.
Brent crude for September fell 35 cents, or 0.5%, to $75.20 a barrel by 0641 GMT while U.S. West Texas Intermediate crude for August was at $74.23 a barrel, down 33 cents, or 0.4%.
The spread of coronavirus variants and unequal access to vaccines threaten the global economic recovery, finance chiefs of the G20 large economies warned on Saturday.
A Reuters tally of new COVID-19 infections shows them rising in 69 countries, with the daily rate pointing upwards since late-June and now hitting 478,000. here
“We’ve not yet seen the impact but at this rate, it will hit demand sooner or later,” a Singapore-based oil trader said.
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