Oil prices drop on fuel demand worries as coronavirus flares up – ZAWYA

Oil prices drop on fuel demand worries as coronavirus flares up – ZAWYA

Oil prices drop on fuel demand worries as coronavirus flares up In a sign of a patchy rebound in demand, analysts estimate U.S. refined product stockpiles rose last week    Oil and gas industry. Image used for illustrative purpose.MELBOURNE: Oil prices fell in early trade on Tuesday on concerns about fuel demand growth 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 (WTI) crude futures fell 22 cents, or 0.5% to $40.79 a barrel at 0132 GMT, while Brent crude futures fell 27 cents, or 0.6% to $43.88 a barrel.The slide comes after WTI rose 1.8% and Brent climbed 1.5% on Monday on better-than-expected data on manufacturing activity in Asia, Europe and the United States showing factories were emerging from the worst of the early coronavirus pandemic impact.  U.S. West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.5% to $40.79 a barrel at 0132 GMT, while Brent crude futures fell 27 cents, or 0.6% to $43.88 a barrel.MELBOURNE: Oil prices fell in early trade on Tuesday on concerns about fuel demand growth as a fresh wave of COVID-19 infections around the world sparks tighter