Amid a slow recovery of fuel demand due to the resurgence of the virus, investors are also worried about oversupply
London — Oil prices fell on Monday on fears about the economic fallout from rising Covid-19 cases around the globe and on oversupply worries as Opec and its allies are set to wind back output cuts in August.
"Speculators appear to be getting more nervous about the demand recovery, with the path much more gradual than market expectations coming into the second half of the year," he added. Amid slow recovery of fuel demand due to the resurgence of the virus, investors are also worried about oversupply, as Opec and its allies, known as Opec+, will ease oil supply curbs from August.
Opec+ members have been cutting output since May by 9.7 million barrels per day . From August, cuts will officially taper to 7.7-million bpd until December.
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