Oil edged lower in Asian trading on concerns about the near-term demand outlook amid the uneven recovery from the pandemic.
Futures in New York slipped 0.6% to trade near $61 a barrel after two days of gains. Fuel consumption is facing a setback after some countries in Europe extended or reimposed lockdowns, while in the U.S., New York City’s mayor urged a pause on reopening. In Southeast Asia, demand has hit a plateau and is unlikely to reach pre-virus levels until the end of the year or later.
U.S. crude stockpiles, meanwhile, probably expanded by 1.2 million barrels last week, according to the median estimate in a Bloomberg survey. If confirmed by government data on Wednesday, it would be a fifth weekly increase, the longest run of gains since May. Industry figures are due later Tuesday.
