Oil Down Covid-19 fuel demand remains a risk to recovery

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.

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