Oil prices sapped by rising virus cases; anticipated drop in U.S. inventory stems losses

Oil prices sapped by rising virus cases; anticipated drop in U.S. inventory stems losses
  • Clock-gray 07:50
  • calendar-gray 12 January 2021

Oil prices slipped on Tuesday as investors remained concerned about climbing coronavirus cases globally, though an anticipated drawdown in crude oil inventory in the United States for a fifth straight week stemmed losses.

After falling on Monday, Brent crude oil futures slipped by 9 cents, or 0.2%, to $55.57 a barrel by 0135 GMT while U.S. West Texas Intermediate (WTI) fell by 8 cents, or 0.2%, to $52.17 a barrel.

Worldwide coronavirus cases surpassed 90 million on Monday, according to Reuters tally, as nations around the globe scramble to procure vaccines and continue to extend or reinstate lockdowns to fight new coronavirus variants.

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