Oil prices slid on Tuesday amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns just as major producers ramp up output.
U.S. West Texas Intermediate crude futures fell 30 cents, or 0.7% to $40.71 a barrel at 0414 GMT, while Brent crude futures fell 37 cents, or 0.8% to $43.78 a barrel.
“On the demand side, we had quite encouraging global manufacturing ... but there’s still quite a bit of evidence of the oil demand recovery stalling in quite a few markets with a resurgence of COVID-19,” said Lachlan Shaw, head of commodity research at National Australia Bank . In a further sign of a patchy rebound in demand, analysts estimate U.S. refined product stockpiles rose last week, according to a preliminary Reuters poll ahead of data due from the American Petroleum Institute industry group later on Tuesday and the U.S. government on Wednesday.
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