Oil loses ground for a third day amid mounting concern that rising infections in top consuming countries will cut demand
The MTM Savannah oil and chemical tanker, left, and other cargo vessels wait to enter the Suez Canal in Suez, Egypt. Picture: BLOOMBERG/ISLAM SAFWAT
Both futures fell on Tuesday to their lowest since July 21 before regaining some ground by the close. “Nearly half of China’s provinces have been being gripped by the latest outbreak. This comes as the summer travel season hits its peak. This is likely to see crude oil demand come under pressure.”
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