Crude oil futures fell on concerns over the epidemic and increased OPEC + supply
New York crude oil futures fell as much as 1.8% on Tuesday. Angela Merkel, the German Chancellor, said she would not relax the epidemic prevention restrictions in view of the continuous increase in new crown cases. OPEC + will withdraw some of its production cuts this month, weakening crude oil prices from Russia, Qatar, the North Sea and Kazakhstan. OPEC + ministers are scheduled to meet on Wednesday to assess the impact of increased crude oil supply. Despite being infected with the new coronavirus, Russian Energy Minister Alexander Novak will also attend the meeting.
