Energy

Oil prices fall as rising coronavirus case numbers cast shadow over fuel demand pickup

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An aerial view shows pumpjacks in the South Belridge Oil Field on April 24, 2020 near McKittrick, California.

David McNew | Getty Images

Oil prices slid on Tuesday amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns just as major producers ramp up output.

U.S. West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.7% to $40.71 a barrel at 0414 GMT, while Brent crude futures fell 37 cents, or 0.8% to $43.78 a barrel.

The slide comes after WTI rose 1.8% and Brent climbed 1.5% on Monday on better-than-expected data on manufacturing activity in Asia, Europe and the United States showing…



Source cnbc.com

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