Crude oil prices steady as demand concerns offset US stimulus hopes

SINGAPORE/MELBOURNE: Oil prices were steady on Tuesday, erasing gains earlier in the session, as rising coronavirus cases dampened the outlook for demand and countered optimism over more U.S. stimulus.

Efforts to stimulate the U.S. economy’s recovery from the coronavirus crisis had raised hopes for stronger oil demand. However, a proposal on Monday from Senate Republicans will likely face opposition from Democrats, delaying the passage of a final stimulus package.