Oil steady as U.S. storm eases but demand recovery fears persist | Reuters

Oil steady as U.S. storm eases but demand recovery fears persist | Reuters:

Oil futures were little changed on Tuesday after sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength, but worries about fuel demand persisted with flare-ups around the globe in coronavirus cases.

Brent crude futures edged 3 cents, or 0.1%, lower to $41.41 a barrel at 0637 GMT, reversing earlier small gains.

U.S. West Texas Intermediate (WTI) crude futures CLc1 for October, due to expire on Tuesday, slipped 4 cents, or 0.1%, to $39.27 a barrel. The more active November contract shed 3 cents, or 0.1%, to $39.51.

Crude prices, which fell about 4% on Monday, won some respite as Texas refineries stayed after a tropical storm was expected to keep losing strength, allaying worries about U.S. refinery demand for feedstock.