TOKYO: Oil prices fell on Tuesday, paring earlier gains, as expectations that major producers will not boost supply any time soon were outweighed by worries over slowing demand amid a spike in the Delta variant of coronavirus infections. Last week, U.S. President Joe Biden's administration urged the producer group to boost oil output to tackle rising gasoline prices that they see as a threat to the global economic recovery. But the market ran out of steam mid-session amid concerns over the resurgence in the COVID-19 pandemic. Still, the market shrugged off rising output in U.S. shale oil, Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd said. U.S. shale oil output is expected to rise to 8.1 million barrels per day (bpd) in September, the highest since May 2020, according to the Energy Information Administration's monthly drilling productivity report on Monday.
