Oil Slips With Strong Dollar Compounding Worsening Virus Outlook
- OPEC+ technical panel revises down demand estimates: Delegates
- U.S. oil supplies rose by 3.9 million barrels last week: API
An oil pumping jack, also known as a "nodding donkey", in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Oil snapped a two-day streak of gains alongside a strengthening dollar as near-term risks to the demand recovery emerged ahead of a OPEC+ meeting this week to decide on output policy.
Futures in New York fell 1.6% Tuesday to below $61 a barrel. An OPEC+ technical panel agreed to revise down the group’s oil-demand estimates for the year following suggestions from Saudi Arabia, delegates said. The dimmer outlook for consumption in the coming months comes as the oil market contends with setbacks to the near-term trajectory of economic reopening plans worldwide.