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Oil Subdued On Covid-19 Worries

Oil prices were flat to slightly lower on Tuesday as Covid-19 cases continued to surge globally and investors waited to see what OPEC and its allies will decide, when the Joint Ministerial Monitoring Meeting (JMMC) meets later today.

Benchmark Brent crude slipped 0.2 percent to $43.75 a barrel, while U.S. West Texas Intermediate crude futures for December delivery were down 0.1 percent at $41.31.

Global Covid-19 cases topped 55 million today with more than 1.3 million deaths, according to the Johns Hopkins University.

Sweden is moving to restrict the size of public gatherings after a spike in new coronavirus cases.

A British medical adviser said that the three tier system may need to be "strengthened" to get the country "through the winter."

Several U.S. governors, from the coastal states of New Jersey and California to the heartland of Iowa and Ohio, are tightening rules after health experts warned the coming holiday travel season and the onset of colder weather will likely worsen the situation.

The OPEC+ alliance of major producers is expected to delay a rise in output of 2.0m barrels a day that was due to go into effect in January by three to six months.

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