Oil falls as near-term demand worries overshadow COVID-19 vaccine relief

MELBOURNE: Oil prices dropped on Tuesday as concerns over fuel demand in the near term in coronavirus-hit Europe and the United States returned to haunt the market after an overnight surge on progress towards a COVID-19 vaccine.

U.S. West Texas Intermediate (WTI) crude futures fell 60 cents, or 1.5%, to $39.69 a barrel at 0139 GMT, while Brent crude futures fell 54 cents, or 1.3%, to $41.86 a barrel.