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Oil prices slipped on Tuesday amid rising COVID-19 cases and a possible return of Libyan oil production, which has been down to a trickle since the start of the year.
Attempts to push prices higher are capped by growing concerns about the second cycle of the coronavirus or the inability to contain the current one,” Tamas Varga of oil brokerage PVM said.
the world’s largest fuel retailer, said it expects a 40% drop in fuel sales in the second quarter from a year earlier to 4 million bpd. Chinese factory data, and a drop in Iraq’s June oil exports helped cap bigger losses.

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