Broad risk-aversion amid fresh concerns over the US economic recovery, sparked by the cautious FOMC minutes, continues to boost the have demand for the greenback at the expense of the higher-yielding oil. Also, markets are weighing the US threats to restore nearly all UN sanctions on Iran.
Further, the price remains undermined by rising concerns over the recovery for oil demand, especially after the statement released by the OPEC+ Joint Ministerial Monitoring Committee (JMMC), citing that the pace of oil market recovery appeared to be slower than expected amid with growing risks of a prolonged second wave of COVID-19