Oil snapped a two-day streak of gains alongside a strengthening dollar as near-term risks to the demand recovery emerged ahead of a OPEC+ meeting this week to decide on output policy. Futures in New York fell 1.6% Tuesday to below $61 a barrel. An OPEC+ technical panel agreed to revise down the group’s oil-demand estimates for the year following suggestions from Saudi Arabia, delegates said. The dimmer outlook for consumption in the coming months comes as the oil market contends with setbacks to the near-term trajectory of economic reopening plans worldwide. Meanwhile, the Bloomberg Dollar Spot Index rose to the highest since November, reducing the appeal of commodities priced in the currency. Weaker U.S. equities also weighed on oil prices, while Treasury yields rose. “Overall, there’s concern on the demand outlook and how quickly we’re going […]