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EnergyOil dips but U.S., Europe demand growth optimism keep prices supported
Sonali PaulRoslan Khasawneh
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Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford
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Oil prices dipped on Tuesday, reversing gains earlier in the session after more U.S. states eased lockdowns and the European Union sought to attract travellers, helping to offset concerns over fuel demand in India as COVID-19 cases soar.
Brent crude futures fell 7 cents, or 0.1%, to $67.49 a barrel at 0619 GMT, after climbing 1.2% on Monday.
U.S. West Texas Intermediate (WTI) crude futures also ticked 6 cents, or 0.1%, lower to $64.43 a barrel, after gaining 1.4% on Monday.
By Roslan Khasawneh and Sonali Paul SINGAPORE (Reuters) - Oil prices extended gains on Tuesday as more U.S. states eased lockdowns and the European Union sought to attract travellers, helping to offset concerns over fuel demand in India as COVID-19 cases soar. Brent crude futures rose 6 cents, or 0.1%, to $67.62 a barrel at 0329 GMT, after climbing 1.2% on Monday. U.S. West Texas Intermediate (WTI) crude futures also ticked 5 cents, or 0.1% higher, to $64.54 a barrel, after gaining 1.4% on Monday. Optimism on improving demand appears to be the main driver for the rise in oil prices at the moment after New York Fed s Williams signalled the U.S. economy is poised to grow at its fastest rate in decades, Ash Glover, head of CMC Markets Alpha, said.
Oil dips but U.S., Europe demand growth optimism keep prices supported
Oil prices dipped on Tuesday, reversing gains earlier in the session after more U.S. states eased lockdowns and the European Union sought to attract travelers, helping to offset concerns over fuel demand in India as COVID-19 cases soar.
Brent crude futures fell 7 cents, or 0.1%, to $67.49 a barrel at 0619 GMT, after climbing 1.2% on Monday.
U.S. West Texas Intermediate (WTI) crude futures also ticked 6 cents, or 0.1%, lower to $64.43 a barrel, after gaining 1.4% on Monday.
“Despite shorter-term profit-taking pushing oil slightly lower in Asia, both Brent and WTI have now moved to near the top end of their one-month ranges once again,” said Jeffrey Halley, market analyst at OANDA.
Oil prices rose on Tuesday after more US states eased lockdowns and the European Union sought to attract travellers, helping to offset concerns over fuel demand in India as Covid-19 cases soar.