Oil prices cautiously rose in early trade on Tuesday with major producers sticking to supply cuts, but gains were capped as U.S. coronavirus cases ...
Oil prices cautiously rose in early trade on Tuesday with major producers sticking to supply cuts, but gains were capped as U.S. coronavirus cases surged, potentially hampering a recovery in fuel demand.
U.S. West Texas Intermediate crude futures climbed 13 cents, or 0.3per cent, to US$40.76 a barrel at 0103 GMT, recouping a 2 cent loss from Monday.Brent crude futures rose 7 cents, or 0.2per cent, to US$43.17, adding to a 0.7per cent gain on Monday. However, traders are also closely watching prospects for U.S. fuel demand, with 16 states reporting record increases in new cases of COVID-19 in the first five days of July, according to a Reuters tally. Florida confirmed a record 11,000 cases in a single day, more than any European country reported in one day at the height of the crisis.
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