Energy

Oil steady as U.S. stimulus hopes counter demand concerns

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An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia.

Simon Dawson | Bloomberg | Getty Images

Oil prices were steady on Tuesday as hopes for additional U.S. measures to stimulate the economy countered a demand outlook dampened by rising of coronavirus cases across the globe.

Brent crude was up 13 cents, or 0.3%, at $43.54 a barrel, while West Texas Intermediate crude fell 11 cents, or 0.3%, to $41.49 a barrel.

“Oil continues to trade in a range with its supply fundamentals helping to set a floor while the economic and demand outlook is providing the cap,” said Harry Tchilinguirian, head of commodity research…



Source cnbc.com

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