Oil little changed as falling demand offsets hopes of U.S. aid package - Reuters

Oil little changed as falling demand offsets hopes of U.S. aid package - Reuters:

Oil prices rose modestly on Tuesday, but settled off the day’s highs as the coronavirus pandemic’s heavy toll on demand offset hopes for a forthcoming $2 trillion U.S. economic relief package.

India, the world’s third largest oil consumer, ordered its 1.3 billion residents to stay home for three weeks as of Tuesday, the latest big fuel user to announce restrictions on social movement that have destroyed demand for gasoline and jet fuel worldwide.

The oil market has been hit by twin shocks. The unexpected price war between Saudi Arabia and Russia has unleashed a flood of supply while the pandemic is on track to cut fuel demand by at least 10% worldwide.

Brent LCOc1 futures rose 12 cents, or 0.4%, to settle at $27.15 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 gained 65 cents, or 2.8%, to settle at $24.01.