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Oil Slips On Demand Worries As COVID-19 Lockdowns Tighten In Europe
US West Texas Intermediate (WTI) crude futures fell 16 cents, or 0.3%, to $46.83 a barrel at 0158 GMT, while Brent crude futures fell 20 cents, or 0.4%, to $50.09 a barrel
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Oil prices dipped in early trade on Tuesday, with demand worries due to tighter lockdowns in Europe outweighing relief from vaccination rollouts and concerns about a flare-up of tension in the Middle East.
U.S. West Texas Intermediate (WTI) crude futures fell 16 cents, or 0.3%, to $46.83 a barrel at 0158 GMT, while Brent crude futures fell 20 cents, or 0.4%, to $50.09 a barrel, erasing half of Monday s gains.
Crude Oil - Dec 15, 2020 - Reliance Securities
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Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International crude oil prices are trading lower on Tuesday morning and early afternoon trade in Asia as tighter lockdowns in Europe and a forecast for a slower recovery in demand next year.
Prices also ignored optimism surrounding the vaccination rollouts and concerns about a flare-up of tension in the Middle East.
Markets will await the inventory data this week starting from the American Petroleum Institute on Tuesday and the Energy Information Administration on Wednesday.
Data could show that U.S. gasoline inventories rose by 1.6 million barrels last week, while distillate inventories, which include diesel and heating oil, rose by 400,000 barrels.
Reuters Reuters
16 December, 2020, 8:05 am
FILE PHOTO: A TORC Oil & Gas pump jack is seen near Granum, Alberta, Canada May 6, 2020. REUTERS/Todd Korol
MELBOURNE (Reuters) – Oil prices dipped in early trade on Tuesday, with demand worries due to tighter lockdowns in Europe outweighing relief from vaccination rollouts and concerns about a flare-up of tension in the Middle East.
U.S. West Texas Intermediate (WTI) crude futures fell 16 cents, or 0.3%, to $46.83 a barrel at 0158 GMT, while Brent crude futures fell 20 cents, or 0.4%, to $50.09 a barrel, erasing half of Monday’s gains.
London stepped up restrictions requiring bars and restaurants to close, as COVID-19 infection rates continued to rise sharply, which will dent fuel demand in the near term.
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Oil Dips On Demand Worries As COVID-19 Lockdowns Tighten
Oil prices edged down on Tuesday as tighter lockdowns in Europe and an OPEC forecast for a slower recovery in demand next year outweighed relief from the rollout of coronavirus vaccines.
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MELBOURNE/SINGAPORE: Oil prices edged down on Tuesday as tighter lockdowns in Europe and an OPEC forecast for a slower recovery in demand next year outweighed relief from the roll-out of coronavirus vaccines.
U.S. West Texas Intermediate (WTI) crude futures fell 18 cents, or 0.38%, to $46.81 a barrel by 0737 GMT. Brent crude futures fell 20 cents, or 0.4%, to $50.09 a barrel.
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