Oil prices fall as US-China tensions offset coronavirus hope
Oil prices slipped back Wednesday after two days of gains, although Brent crude remained above $30 a barrel, as renewed US-China tensions offset optimism about the easing of coronavirus lockdowns.
Brent, the international benchmark, fell 1.1 per cent to $30.63 a barrel in early Asian trade. On Tuesday, the contract surged 14 per cent and rose above $30 for the first time since mid-April.
US marker West Texas Intermediate slipped 1.9 per cent and was changing hands for $24.13 a barrel.
Oil markets have been battered as the virus strangled demand due to business closures and travel restrictions, with US crude falling into negative territory last month for the first time.
They started rallying strongly this week as countries from Europe to Asia ease curbs and economies start shuddering back to life.
