Brent rises on easing lockdowns, U.S. crude falls amid storage shortage - Reuters:
Oil prices fell on Tuesday with U.S. crude leading the decline, falling about 3% as domestic stockpiles were expected to have risen closer to record highs amid tightening storage despite plans to cut production.
However, the markets were supported on hopes of demand recovering as across the world, governments announced the easing of restrictions, although Britain said its too dangerous to relax a lockdown for fear of a deadly second outbreak. At least 16 states in the United States looked set to restart business.
Global benchmark Brent crude LCOc1 fell 4 cents, or 0.2%, to $19.95 a barrel at 12:50 p.m. EDT (1450 GMT), following a 6.8% slide on Monday.
“While wild price swings are set to last in the very near term, we see more upside than downside from prices around $20 per barrel. The oil price should recover in the longer term,” said Norbert Rücker, analyst at Swiss bank Julius Baer.
U.S. West Texas Intermediate (WTI) crude CLc1 was down 43 cents, or 3.4%, at $12.35 a barrel. The contract plunged 25% on Monday.
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