Home Business News Reducing COVID-19 oil remains a threat to Investing.com's fuel demand recovery

Reducing COVID-19 oil remains a threat to Investing.com’s fuel demand recovery

© Reuters.

By Gina Lee

Investment.com – Oil fell on Monday morning in Asia, with US Federal Reserve Chairman Jerome Powell saying the US economy was ready to grow stronger while warning that COVID-19 is still a threat.

inching down 0.06% to $ 62.91 at 13:14 AM ET (5:14 AM GMT), with fast trading times for Brent futures of 44 cents / barrel, back from 32 cents a week earlier. inched down 0.10% to 59.26 USD.

In an interview, the economy is at the “inflection point” with stronger growth and more recruitment thanks to the COVID-19 launch and strong policy support. However, he added that the main risk is the ever-spreading COVID-19 virus, with India suffering a second wave of cases and Europe still grappling with the third wave.

The outbreak of the virus has prompted some countries to extend the restrictions and reduce the black liquid onset to 2021 as concerns about the need for recovery fuel also emerge.

In terms of supply, the Organization of Petroleum Exporting Countries and Allies (OPEC +) is expected to add more barrels from May onwards. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman also said that the increase was the right move for the cartels.

As discussions continued to revive the 2015 nuclear deal, Iran remains a market representative. Negotiations between the producer OPEC and other major powers will continue after the first round ends last week.

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