Oil loses ground as traders fret about demand and floods in China offset the expectation of tight supply through the rest of the year
The MTM Savannah oil and chemical tanker, left, and another vessel wait to enter the Suez Canal in Egypt. Picture: BLOOMBERG/ISLAM SAFWAT
Coronavirus cases continued to rise over the weekend with some countries posting record daily increases and extending lockdown measures that could slow oil demand. China, the world’s largest crude importer, has also seen a rise in Covid-19 cases while the nation battled severe floods and a typhoon in central and eastern parts of the country.
He said investors are looking ahead to the next Federal Reserve meeting and US oil inventories data later this week for price direction.
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