Oil prices steady near $40 a barrel with Opec+ unwinding output cuts

Oil has been stuck in a narrow band since June, with rising virus infections in many countries increasing concerns about a renewed hit to the global economy

Oil was steady near $40 a barrel as Opec+ producers started supplying more crude to a global market where many countries are still struggling to contain the novel coronavirus.

The Organization of Petroleum Exporting Countries and its allies will pump about 1.5 million barrels a day more this month than in July as they started to unwind their historic virus-driven output curbs, with Russia already having lifted its production slightly last month. At the same time, diesel sales in India were down 21 per cent on the previous year in July, a sign of the stuttering demand recovery in one of