Oil eases as U.S. stimulus hopes dim, virus cases rise - Reuters:
Oil prices fell about 1% on Tuesday after rising earlier in the session as hopes dimmed for a swift stimulus package to relieve the U.S. economy as coronavirus cases increased globally.
Brent crude LCOc1 futures fell 49 cents, or 1.1%, to settle at $44.50 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 33 cents, or 0.8%, to finish at $41.61 a barrel.
Some profit-taking ahead of weekly U.S. oil inventory data weighed on prices. Crude and gasoline inventories were seen declining last week, while distillates probably built, a Reuters poll showed ahead of industry data later on Tuesday, followed by the government’s report on Wednesday.
The U.S. Senate’s top Republican and Democrat criticized each others’ approach to coronavirus aid on Tuesday, with no word on when talks on a new package might resume and no movement on benefits for tens of millions who lost jobs in the crisis.
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