⁍ Oil prices slipped for a fourth straight day on Tuesday.
⁍ Concerns about a resurgence of coronavirus cases stifling a promising recovery in fuel demand.
⁍ Growing output from Libya adds to plentiful supply in the market.
– Oil prices fell for a fourth straight day on Tuesday on worries about a resurgence of coronavirus cases globally stifling a promising recovery in fuel demand, while growing output from Libya adds to plentiful supply in the market. Brent crude LCOc1 futures fell 30 cents, or 0.7%, to $42.32 a barrel by 0149 GMT, after falling 31 cents on Monday. US West Texas Intermediate (WTI) crude futures slid 26 cents, or 0.6%, to $40.57 a barrel, after losing 5 cents on Monday. COVID-19 cases topped 40 million on Monday, according to a Reuters tally, with a growing second wave in Europe and North America having sparked new clampdowns. “Since April we have seen a miraculous recovery in oil demand—which is now at about 92% of pre-pandemic levels, but it’s too early to declare an end to the COVID-19 oil demand destruction era,” says Rystad Energy oil markets analyst Louise Dickson.
Source: https://www.reuters.com/article/us-global-oil/oil-prices-drop-for-fourth-day-as-covid-19-second-wave-worries-intensify-idUSKBN27506W