Oil prices decline as investors monitor demand recovery

22/09/2020 Argaam

Oil prices retreated on Tuesday as Tropical Storm Beta in the US Gulf of Mexico softened, and amid concerns that increase in coronavirus cases across the world will weigh on demand recovery.

 

Tropical Storm Beta made landfall near Texas on Monday, with winds of 45 miles an hour. Tropical storm warnings continue for the coast of Texas and Louisiana.

 

In terms of trading, Brent crude futures for Nov. fell 0.2% to $41.37 a barrel, at 8.55 am Makkah time.

 

US West Texas Intermediate (WTI) crude futures for Oct., due to expire Tuesday, was down 0.2% at $39.22 a barrel.

 

The American Petroleum Institute is scheduled to release estimates of oil inventories in the US later today.

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