Crude Oil Prices Dip Below US$41 on Demand Concern

Crude oil futures were down 0.2% to trade around $40.8 a barrel on Tuesday, amid mounting concerns over fuel demand recovery as the number of infections keep rising worldwide and several countries imposed fresh restrictions including Germany, Italy, France, Ireland and US state of Wisconsin.

Meanwhile, the OPEC+ Joint Ministerial Monitoring Committee made no mention of any changes to a plan to further ease oil output cuts from January, but it did pledge to support the market amid the new wave of cases.

For now OPEC+ is sticking with a deal to curb output by 7.7 million bpd through December. Investors will now await the API report due later in the day.

Trading Economics


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