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SaLena
2021-07-12

Why oh why

Oil Slips Following Two-Day Gain With Demand Outlook in Focus

(Bloomberg) -- Oil dipped after a two-day gain as investors assessed the demand outlook amid a Covid

Oil Slips Following Two-Day Gain With Demand Outlook in Focus

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Kimmikim
·2021-07-12
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  dnnd
  2021-07-12
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jyjinn
·2021-07-12
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Tiggerrific
·2021-07-12
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The rollout of vaccines and rebound in economic activity across major economies, particularly the U.S., has underpinned increasing fuel consumption. The spread of the highly infectious delta variant of the virus and uncertainty over supply from the OPEC+ alliance are clouding the outlook, however.</p>\n<p>There are also signs that China’s rebound is slowing. It’s economy was always expected to descend from the heights hit during its initial rebound, but economists say the softening has come sooner than expected.</p>\n<p>Oil’s upward momentum was interrupted last week after an OPEC+ meeting on output levels was abandoned. Crude capped its first weekly loss since May -- despite an end-of-week rally -- with the stalemate raising concern the group’s unity may fracture and lead to a price war. 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The U.S. reported the most cases since mid-May as delta takes hold in less vaccinated areas. French officials warned of a new wave, while U.K. Prime Minister Boris Johnson will warn people to stay vigilant as he prepares to lift virtually all remaining restrictions in England. 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