Brent settles higher on easing lockdowns, U.S. crude falls amid storage shortage - Reuters:
U.S. crude prices settled lower on Tuesday, falling about 3% as domestic stockpiles were expected to have risen closer to record highs amid tightening storage despite plans to cut production during the COVID-19 pandemic.
However, markets were supported on hopes of demand recovering across the world, as governments announced the easing of coronavirus-related restrictions, although Britain said its too dangerous to relax a lockdown for fear of a deadly second outbreak.
At least 16 U.S. states looked set to restart business.
“Demand destruction has leveled off in the U.S., but production cuts have just begun in earnest,” said Phil Flynn, senior analyst at Price Futures Group.”
U.S. West Texas Intermediate (WTI) crude CLc1 was down 44 cents, or 3.4%, at $12.34 a barrel. The contract plunged 25% on Monday.
Global benchmark Brent crude LCOc1 settled up 47 cents, or 2.3%, at $20.46 a barrel, following a 6.8% slide on Monday.
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