Oil fell in Asia on Monday morning, leaving the U.S. Federal Reserve Chairman Jerome Powell said the U.S. economy was ready for strong growth and warned that the Covid-19 was a risk.
Brent oil futures down 0.06% within 13:14 AM ET (5:14 AM GMT). High to 62.91 and the immediate time range for Brent futures was 44 cents a barrel, down from 32 cents a week ago.
Virus breakout has guided some countries to renew control measures, and fuel demand recovery fears have come back, activate a strong start of black liquid in 2021.
On the distribution side, the Organization of the Petroleum Exporting Countries (OPEC +) is set to add more barrels from May. Saudi Arabia’s Energy Minister Prince Abdul Aziz bin Salman has also said the increase is the right move for the crew.
