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Oil falls as fuel demand nerves continue By

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© Reuters.

By Gina Lee – Oil fell Tuesday morning in Asia, continuing Monday’s losses as the fragile state of the global economic recovery from COVID-19 affects the outlook for fuel demand.

It fell 0.77% to $ 70.94 at 11:37 pm ET (3:38 am GMT), but remained above the $ 70 mark. they were down 0.74% to $ 68.72.

Investor concerns rose with the world’s largest oil importer, released Monday. it grew 51.1% year-on-year in May, below the 51.5% forecast made by and the 43.1% in April.

“Chinese oil imports at a five-month low … would tend to confirm weakness in the Asian market,” Mizuho Securities director of energy futures Bob Yawger told Reuters.

Investors are also awaiting the outcome of talks between Iran and world powers to revive a 2015 nuclear deal and potentially add Iranian crude to global supply again. Discussions are scheduled to resume in Vienna on June 10.

Black liquid has seen a rally in recent weeks, and Brent futures are up nearly 40% so far this year. Optimism for fuel demand increased as some countries saw a decline in the number of COVID-19 cases and launched vaccination programs.

Prices were also boosted by the repeated decision of the Organization of the Petroleum Exporting Countries and its allies (OPEC +) to keep the supply restricted at their meeting at the beginning of the month.

However, optimism has been clouded by waves of COVID-19 cases in countries like India, the world’s third-largest oil importer.

Investors now wait, which expire later in the day.

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