Oil prices fell on Wednesday as potential OPEC+ plans to deepen supply cuts were overshadowed by demand concerns exacerbated by a possible second
Brent crude LCOc1 dropped 56 cents, or 1.9 per cent, to $29.42 a barrel by 0855 GMT, having risen 1.2 per cent on Tuesday.
The U.S. infectious disease expert, Anthony Fauci, on Tuesday told Congress that easing coronavirus lockdowns could set off new outbreaks of the COVID-19 disease that has killed 80,000 Americans and badly damaged the world’s biggest economy and oil consumer. The Organisation of the Petroleum Exporting Countries and other producers including Russia – a group known as OPEC+ – agreed to cut output by 9.7 million bpd in May and June and to scale back cuts to 7.7 million bpd for the rest of the year.
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