Oil Down Over Increased Demand Fears….LIVE NEWS UPDATE BY ROYAL TRADERS

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Oil was down on Tuesday morning in Asia, giving up some of its gains from the previous session over investor fears that the ever-increasing number of COVID-19 cases would impact demand.

There are now over 8 million cases globally as of June 16, according to Johns Hopkins University data, with China and the United States continuing to battle a second wave of new cases.

Brent oil futures fell 1.08% to $39.36 by 9:51 PM ET (2:51 AM GMT) and WTI futures slid 0.86% to $36.80.

But the black liquid’s losses were mitigated after UAE energy minister Suhail Mohamed Faraj Al Mazrouei expressed confidence on Monday that producers who have so far not been fully compliant with the production cuts agreed to by OPEC+ in April would pick up the pace. He also said that oil demand was increasing, with more countries easing lockdowns and restarting their economies.

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