London — Oil prices dropped for a second day on Tuesday on growing concern that mobility restrictions imposed after the latest outbreaks of the Delta variant of Covid-19 would slow demand for fuel.
Despite the virus flare-up, the market still broadly expects vaccine rollouts to brighten the demand outlook, analysts said. OPEC’s demand forecasts show that global oil supply will fall short of demand by 2.2m bb/day in the fourth quarter, giving the producers some room to agree to add output.
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