Oil dips as surging coronavirus cases fuel demand concerns

Oil prices slipped on Tuesday as concerns over surging coronavirus cases around the world and political uncertainty ahead of the U.S. election offset hopes that major producers would hold back from ramping up output.

Brent crude futures slipped 16 cents, or 0.4% to $38.81 a barrel at 0757 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 9 cents, or 0.2%, to $36.72 a barrel. Both benchmarks gained nearly 3% on Monday.

“In Asia, oil has given back some of those outsized overnight gains… However, the pullback is modest versus the scale of the rally overnight, said Jeffrey Halley, senior market analyst, Asia Pacific, at OANDA in Singapore.

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