Oil prices dropped on Tuesday amid uncertainties surrounding a further stimulus in the US and ongoing tensions between Beijing and Washington.
President Donald Trump announced a further tightening of restrictions on Huawei Monday as he seeks to limit the Chinese telecommunications giant’s access to commercially available chips from US companies.
Meanwhile, OPEC+ said it is almost fully complying with output cuts to support prices, amid a fall in fuel demand due to the COVID-19 crisis.
Reuters quoting sources reported that compliance with the producer grouping oil output cuts was seen at around 97% in July.
Meanwhile, a panel of OPEC+, called the Joint Ministerial Monitoring Committee (JMMC) is set to hold a meeting later in the day. At around 03:30 AM GMT, WTI crude fell 0.5% to $42.66 a barrel. Brent crude also declined 0.5% to $45.16 a barrel.