Commodities

Oil Once Again Slips Following Bleak Demand

Oil-Once-Again-Slips-Following-Bleak-Demand

Troubled by the news of slow recovery demand of the fuel globally, oil prices again witnessed a downfall on Tuesday. The warnings of major oil producers rallied the concerns and worries of the market. However, the short-covering before the meeting of OPEC+ (OPEC and its allies) put a rein on losses.

West Texas Intermediate crude futures were down by 3 cents at $37.23 a barrel (0.1 per cent loss), whereas, Brent crude plunged by 5 cents at $39.56 a barrel (0.1 per cent loss) by 0407 GMT.

Notably, both the contracts ended on the lower side compared to the previous day trade.

Meanwhile, big oil producers and experts are forecasting a shallow future for the fuel market.

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