Oil prices decline on Tuesday

04/08/2020 Argaam

 

Oil prices fell on Tuesday as rising coronavirus case numbers globally cast shadow over fuel demand recovery.

 

"On the demand side, we had quite encouraging global manufacturing (data) ... 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," Reuters reported citing Lachlan Shaw, head of commodity research at National Australia Bank (NAB).

 

Brent crude futures slid or 0.8% to $43.79 a barrel, while US West Texas Intermediate (WTI) crude futures slipped 0.8%, to $40.68 a barrel.

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