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Oil edges up ahead of OPEC+ meeting

Oil was up on Tuesday morning in Asia, with investors short-covering ahead of an OPEC+ meeting later in the week. But gains were capped by the bleak outlook for global fuel demand.

Brent oil futures edged up 0.15% to $39.67 by 10:14 PM ET (3:14 AM GMT) and WTI futures were up 0.21% to $37.34. Both benchmarks continued to remain below the $40-mark.

COVID-19 continues to hamper fuel demand recovery, with the number of global cases exceeding 29.1 million as of September 15, according to Johns Hopkins University data.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.