COVID-19 Spike Prompts Mixed Oil Prices as U.S. Demand Stays Frail…LIVE NEWS UPDATE BY ROYAL TRADERS

LIVE NEWS !!!

Oil prices were mixed on Monday morning in Asia as the U.S. reached a record high for new coronavirus cases for the 27th day in a row with twelve states reporting new highs in seven-day case averages.

Montana, Delaware and Alaska are experiencing the biggest percentage increase from past records, while South Carolina, Texas, Arizona, Nevada and California reported record numbers of current covid-19 hospitalizations as of July 6.

In Europe, supply tightened due to a pledge by OPEC and Russia to extend oil production cuts by a record 9.7 million barrels per day for a third month in July. After July, producers expect to keep in place smaller production cuts of 7.7 million bpd until December.

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