TOKYO: Oil prices fell on Monday on oversupply worries as Opec and its allies are set to wind back output cuts in August and a rise in worldwide COVID-19 cases points to a slower pick-up in demand.
Brent crude futures slid 27 cents, or 0.6%, to $43.25 a barrel by 0642 GMT. U.S. West Texas Intermediate crude futures were down 34 cents, or 0.8%, at $39.93.
"Investors are worried about oversupply as Opec+ is due to start reducing production cuts this month and a recovery in oil prices from record lows is likely to encourage U.S. shale producers to ramp up output," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
U.S. energy firms kept the number of oil and natural gas rigs unchanged at a record low as the rig count fell for a fifth straight month, although July marked the smallest monthly decline of the five. The Australian state of Victoria declared a"state of emergency" on Sunday, while authorities in the Philippines said they would impose fresh restrictions in Manila this week, reflecting global worries about getting the pandemic under control.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Indonesia allows oil and gas investors to pick their own contract optionsJAKARTA: Indonesia announced over the weekend that it had made revisions to a 2017 law that will give oil and gas investors more flexibility when choo...
Read more »
Iran's stock market surges past 2 mil point mark for first time everOrdinary Iranians have been encouraged to invest in local stocks to boost the country's economy. FMTNews Iran StockMarket
Read more »
China factory activity expands at fastest pace in nearly a decadeSurvey shows both factory output and total new orders recorded the strongest increase in July since January 2011. FMTNews China
Read more »
Kuching slips out Covid-19 red zone after drop in active casesThe district only has 39 active cases after falling from 43 yesterday. FMTNews Sarawak Covid19
Read more »
MPs demand Putrajaya bear quarantine costs for Malaysians stuck in Singapore | The Malaysian InsightAkmal Nasir says broke expatriates cannot afford fees set by government for mandatory isolation.
Read more »
Local govt recommends cancellation of Madrid Open due to virusThe clay court tournament, originally set for May, has been rescheduled for Sept 12-20. FMTNews
Read more »