Oil prices slipped this morning during the Asian hours. Resulting in a retreat of its advances from the previous session over investor concerns that the ever-higher cases of COVID-19 cases would negatively affect demand levels.
Presently, oil trades at $37.14, which is an addition of $0.07 or 0.20% from the previous close of $37.06.
The daily trading range is from $36.37 to $37.41, while the trading volume is 102.014K.
As a matter of fact, there are close to 8 million cases globally as of June 16, according to the number coming from Johns Hopkins University.
However, oil losses took place after remarks from the UAE energy minister Suhail Mohamed Faraj Al Mazrouei.
Yesterday, he stated that producers who have so far not been fully compliant with the production reductions decided by OPEC+ in April would move to a higher gear.
Furthermore, crude oil supply estimates from the American Petroleum Institute (API) and the U.S. Energy Information Administration (EIA) are due later in the week.