Oil prices slip as rising coronavirus cases stoke demand concerns | Reuters

Oil prices slip as rising coronavirus cases stoke demand concerns | Reuters:

Oil prices slipped on Wednesday on concerns that fuel demand will continue to falter as rising coronavirus cases across Europe and in the United States, the world’s biggest oil consumer, could impede economic growth.

The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report on Tuesday that oil demand in 2021 will rise by 6.54 million barrels per day (bpd) to 96.84 million bpd, 80,000 bpd less than its forecast a month ago, as a result of the economic dislocations caused by the coronavirus pandemic.

Brent crude futures LCOc1 for December fell by 17 cents, or 0.4%, to $42.28 a barrel by 0649 GMT while U.S. West Texas Intermediate CLc1 futures were down 18 cents, or 0.5%, to $40.02.

The heads of two of the world’s biggest oil producers, Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman, discussed the current situation in the energy markets during a telephone call, the Kremlin said on Tuesday.