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Oil slips as demand worries offset hopes for stimulus
Abstract：Oil prices fell on Tuesday as demand concerns driven by COVID-19 outweighed hopes that U.S. lawmakers and the White House were nearing an agreement on a new stimulus package to revive the world's biggest economy.
Oil prices fell on Tuesday as demand concerns driven by COVID-19 outweighed hopes that U.S. lawmakers and the White House were nearing an agreement on a new stimulus package to revive the world's biggest economy.
U.S. West Texas Intermediate (WTI) crude futures slipped 17 cents, or 0.4%, to $40.43 at 0120 GMT, while Brent crude futures also fell 17 cents, or 0.4%, to $42.26 a barrel. Both benchmarks rose about 1% on Monday.
Brent and WTI in August hit their highest levels since early March on optimism over rising fuel demand and major oil producers' strong compliance with promised supply cuts, but have since dropped by about $3 on demand worries.
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