Oil pared an earlier decline as equities rose, shrugging off some concerns about a second wave of coronavirus cases in China.
Futures in New York were 0.7% lower, after falling as much as 3.1%. Stock markets in Europe gained as traders looked at stimulus measures to help boost the economy, including in the U.S. However, any recovery is fraught with risk as a new phase of virus infections emerges in Beijing, forcing the government to close all schools and cancel more than 1,200 flights.
“Market players seem to remain unconcerned about a second Covid-19 wave impacting oil demand and probably think that central bank and fiscal stimulus will support economic activity,” said Giovanni Staunovo, commodity analyst at UBS Group AG.
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