Oil prices fall as virus cases soar

SourceGulf Today
SectorOil & Gas

Picture used for illustrative purpose. File Gulf Today Report Oil prices declined on Tuesday as soaring coronavirus cases worries investors, however, hope for a drawdown in crude oil inventory in the United States capped losses. Brent crude oil futures slipped 10 cents, or 0.2%, to $55.56 a barrel while US West Texas Intermediate (WTI) fell 8 cents, or 0.2%, to $52.17 a barrel. Stephen Innes, chief global market strategist at Axi in a note said, "I think the market will be rapid to conclude that yesterday's modest pullback in price, provided the virus spread in China remains contained, was but a blip on the radar screen."  READ MORE  ...read more...