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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.
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.