"We now have a debt the size of our economy for the first time since World War II, and they're concerned about that. And I think that's a legitimate point of view," said Majority Leader Mitch McConnell after the failed negotiations with House Democrats on Saturday.
The talks will resume Monday.
Meanwhile, U.S. new coronavirus cases have eased to 58,400 as of Sunday, down some 11% from last Sunday's 65,809, with hard-hit states like Texas and Florida registering fewer daily cases. In most of the 27 states where cases have been trending higher in the past two weeks, the trend line reversed to steady over the weekend, raising hopes new mitigating policies are yielding some results.
Even still, global demand recovery is choppy with coronavirus flare-ups in Europe and Asia causing some localized shutdowns and business re-closures. Against those headwinds, OPEC+ alliance tapered production cuts over the weekend to 7.7 million bpd from 9.7 million in May-July. Sources indicate Russia's oil and gas condensate output stood at 9.807 million bpd on Aug. 1-2 versus 9.37 million bpd in July, on average. Key ministers from the 23-nation coalition will hold their next monitoring meeting on Aug. 18.
In early trading, the NYMEX West Texas Intermediate contract for September delivery declined 30 cents to $39.98 per barrel (bbl) and the international Brent crude contract traded down 22 cents at $43.30 bbl. NYMEX ULSD September futures declined 0.35 cents at $1.2205 gallon and the front-month RBOB contract fell 0.62 cents to $1.1649 gallon.
Liubov Georges can be reached at liubov.georges@dtn.com
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August 03, 2020 at 07:01PM
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