Oil prices mixed on storm-driven output cuts, rising Covid-19 cases
Crude oil prices were mixed on Tuesday as traders weighed massive production cuts in the US Gulf Coast from Tropical Storms Marco and Laura against rising coronavirus cases in Asia and Europe.
Brent crude oil futures added 5 cents, or 0.1%, to $45.18 a barrel by 0055 GMT, while US West Texas Intermediate crude was down 9 cents, or 0.2%, at $42.53 a barrel.
“A jump last week in the US rig count and mixed data on Covid-19 infections are having a muted negative effect on oil this week, thanks in part to the possible disruption from two separate hurricanes moving into the US Gulf Coast region,” said Stephen Innes, chief global markets strategist at AxiCorp.
