Oil falls on U.S.-China tensions over Hong Kong GlobeBusiness
“As much as oil fundamentals are improving, there are still several flies in the bullish ointment. They include the latest uptick in U.S.-China tensions,” said Stephen Brennock of oil broker PVM.
Gloomy forecasts over the economic impact of the pandemic also weighed on crude prices. The euro zone economy is likely to shrink between 8 per cent and 12 per cent this year, European Central Bank President Christine Lagarde said, warning that a mild scenario is already outdated and the outcome would be between the medium and severe.
The group known as OPEC+ is cutting output by nearly 10 million barrels per day in May and June, but the question is whether it will continue to do so as demand recovers after the easing of coronavirus lockdowns in many countries.
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