Analysts: Oil Prices Won’t Fall Below $60

The price of a barrel of Brent crude oil won’t fall below $60, according to analysts interviewed by Tass on Wednesday. Those analysts pin the recent price drop not on the OPEC+ decision to ramp up production quotas, but rather on the mounting fears that a rise in Covid-19 cases—particularly the Delta variant—will stall an economic recovery and hence oil demand. The price of Brent crude oil fell sharply on Monday, just a day after the OPEC+ meeting agreed to add 400,000 barrels of oil per day back into the market as of August,…