Oil steadies as economic data overshadows coronavirus worries - Reuters

Oil steadies as economic data overshadows coronavirus worries - Reuters:

Oil prices settled little changed on Tuesday as demand concerns due to a new surge in coronavirus cases overshadowed U.S. government forecasts for lower production.

Brent crude LCOc1 futures settled at $43.08 a barrel, down 2 cents in the session. U.S. West Texas Intermediate CLc1 settled down 1 cent at $40.62 a barrel.

Early in the session, the market popped because of the higher forecast demand, and more bullish jobs data, said Phil Flynn, senior analyst at Price Futures Group in Chicago. But the market gave up the gains as focus returned to rising coronavirus cases.

The U.S. Energy Information Administration (EIA), forecast that global oil demand would recover through the end of 2021, predicting demand of 101.1 million barrels per day (bpd) by the fourth quarter of next year.