Crude oil prices slip as US virus spike stokes demand worries

LONDON: Oil prices edged lower on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand.

Brent crude futures declined by 7 cents, or 0.16 per cent, to $43.03, by 1404 GMT, after hitting a session low of $42.46. US West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.30 per cent, to $40.51 a barrel, having fallen to $39.90 earlier in the day.

“Oil prices are lower today on concerns that the surge in coronavirus cases in the US will limit a recovery in fuel demand,” bank RBC said.