Futures Movers: Oil under pressure on U.S.-China tensions, rising coronavirus cases

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“Oil futures slipped Tuesday, with pressure attributed to mounting tensions between the U.S. and China, as well as a continued rise in COVID-19 infections and expectations major oil producers will agree to begin easing output curbs.”
“West Texas Intermediate crude for August delivery CL.1, -1.02% on the New York Mercantile Exchange was down 47 cents or 1.17% at $ 39.65 a barrel. September Brent crude BRN.1, -0.79%, the global benchmark, was up 18 cents or 0.43 % at $ 43.37 on ICE Europe.”

“Analysts said the Monday decision by California Gov. Gavin Newsom to reverse the reopening of indoor operations at restaurants, bars, movie theaters, and other venues dented sentiment and could make a meeting this week by members of the OPEC+ alliance’s monitoring committee more interesting.” –MarketWatch
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