Oil held under $40 a barrel amid concern a resurgent coronavirus will lead to more demand-sapping restrictions, while an industry report gave a mixed picture of the supply situation in the U.S.
Futures in New York for November delivery edged lower after rising 0.7% on Tuesday. The American Petroleum Institute reported crude stockpiles increased by nearly 700,000 barrels last week, while gasoline inventories shrunk by 7.7 million barrels, according to people familiar with the data.
Virus infections are rising again in some European countries — including the U.K. and France — while the U.S. death toll topped 200,000. Federal Reserve Chairman Jerome Powell said on Tuesday that the recovery in the American economy remains highly uncertain and will need further support.
