New US lockdown restrictions knock oil prices

Melbourne/Singapore — Oil prices fell more than 2% on Tuesday on worries that new clampdowns on businesses to stem surging US coronavirus cases could threaten fuel demand recovery and expectations that Opec might ease output cuts from August in an upcoming meeting.

The most populous state’s two largest school districts, in Los Angeles and San Diego, said they would teach only online when classes resume in August. California’s moves follow the recent reinstatement of some restrictions in other states, such as Florida and Texas. The market will be watching the next move from the Organisation of the Petroleum Exporting Countries and its allies, collectively known as Opec+, whose joint ministerial monitoring committee will meet on Wednesday to recommend the next level of cuts.

Citi analysts said implementing a 2-million barrels a day increase in output from August could weigh on the market given demand uncertainties, adding to risks from a potential for increased Libyan output, a return of 20%-30% of curbed North American production, and an end to China’s crude buying spree.

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