Oil Slips Over Doubts On Demand Recovery

Oil Slips Over Doubts On Demand Recovery

After ruling the charts for five-months, oil prices witnessed a dip in New York, owing to the US Federal Reserves and OPEC+ acting cautiously on-demand following several nations struggling to curb Covid-19 pandemic.

On Wednesday, chairing a meeting, OPEC+ requested laggards to follow the promise regarding the output concerns. It warned that the rebound speed of demand was way lower than expected and the second wave of the virus threatened it even more.

In the meantime, after mentioning the peril of the virus, the federation repeated that only through containing the virus, things would improve.

Notably, oil prices had motioned a little higher recently after stalling the movement in June. However, it is unable to break the shield of $43 a barrel. The ongoing pandemic has hovered doubts in the recovery and consumption prospects.

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