Brent falls as growing coronavirus cases worldwide shake market confidence
Tokyo — Oil prices fell for the first time in four days on Wednesday, pulling back from as much as five-month highs as mounting coronavirus cases worldwide and in the US undercut market confidence in a pickup in fuel demand.
West Texas Intermediate oil was down 17c, or 0.4%, at $41.53 a barrel. The contract ended Tuesday trading 1.7% higher, its highest close since late July. Still, talks between Democrats in Congress and the White House on a new package of coronavirus relief started moving in the right direction, though the two sides remain far apart.
“Oil could be ready to test the upper boundaries of its recently tight range,” said Edward Moya, senior market analyst, at Oanda.
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