Oil edges up a day after selloff; rangebound ahead of U.S. crude stocks data | Reuters:
Oil prices settled slightly higher on Tuesday ahead of weekly U.S. inventory figures, rebounding modestly from the previous day’s selloff that was driven by a surge in overseas coronavirus infections.
Analysts said renewed lockdown restrictions in Europe will have only a limited impact on fuel demand, which could prevent a pronounced selloff in oil markets. With major oil-producing nations still restricting supply, the market has been locked in a range for most of the summer.
Brent crude LCOc1 rose 28 cents to settle at $41.72 a barrel. U.S. West Texas Intermediate crude (WTI) CLc1 for October, which expires Tuesday, settled up 29 cents to $39.60.
“The energy complex appears immune to negative news regarding the virus while case counts don’t increase enough to force renewed widespread lockdowns,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
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