Oil falls as demand worries counter US stimulus hopes
Oil prices fell on Tuesday, paring gains from the previous session, as persistent demand concerns due to the coronavirus pandemic outweighed hopes for a new US stimulus package.
More than 1 million people have died of Covid-19 as of Tuesday, a Reuters tally showed, with fatalities and infections surging in several countries.
US West Texas Intermediate (WTI) crude futures dropped 22 cents, or 0.5 per cent, to $40.38 at 0438 GMT.
The more-active Brent crude futures for December fell 19 cents, or 0.4 per cent, to $42.68 a barrel. The November contract, which expires on Wednesday, fell 17 cents to $42.26 per barrel.
Commodities markets crept up earlier in the day as Democratic lawmakers unveiled a new $2.2 trillion coronavirus relief bill, which US House of Representatives Speaker Nancy Pelosi said was a compromise measure.
