Oil slips as demand worries offset hopes for stimulus
MELBOURNE: Oil prices fell on Tuesday as demand concerns driven by COVID-19 outweighed hopes that U.S. lawmakers and the White House were nearing an agreement on a new stimulus package to revive the world’s biggest economy.
U.S. West Texas Intermediate (WTI) crude futures slipped 17 cents, or 0.4%, to $40.43 at 0120 GMT, while Brent crude futures also fell 17 cents, or 0.4%, to $42.26 a barrel. Both benchmarks rose about 1% on Monday.
Commodities markets had crept up in earlier trade as Democratic lawmakers unveiled a new $2.2 trillion coronavirus relief bill, which U.S. House of Representatives Speaker Nancy Pelosi said was a compromise measure.
