Oil Down With Potential Supply Cut Easing Expected At Wednesday’s OPEC Meeting….LIVE NEWS UPDATE BY ROYAL TRADERS

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Oil was down on Monday morning in Asia, ahead of OPEC’s technical meeting on Wednesday. Investors are expecting OPEC to recommend an easing in existing supply cuts that could reverse oil gains.

“The planned easing of OPEC+ production cuts next month and a potential rebound in U.S. production could add pressure on the supply side of the equation,” Stephen Innes, chief global markets strategist at AxiCorp warned in a note.

Brent oil futures dropped 0.74% to $42.92 by 11:58 PM ET (4:58 AM GMT) while WTI futures slid 0.81% to $40.22.

Oil was up more than 2% on Friday after the International Energy Agency revised its 2020 oil demand upwards by 400,000 barrels per day. However, a worsening COVID-19 situation globally on top of the upcoming OPEC meeting saw the black liquid reverse Friday’s gains.

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