Oil prices edged lower in post-settlement trade on Tuesday after an industry group reported a bigger build than expected in U.S. crude stockpiles, adding to worries that new coronavirus lockdowns could hit demand.
During the session, prices were narrowly mixed as the demand fears offset hopes for a vaccine and talk of tighter OPEC+ supply policies. Brent futures fell 7 cents, or 0.2%, to settle at $43.75 a barrel. U.S. crude gained 9 cents, or 0.2%, to settle at $41.43.
After settlement, U.S. crude edged lower to $41.19 a barrel when industry group the American Petroleum Institute (API) said crude inventories rose more 4.174 million barrels last week. That far exceeded the forecast increase USOILC=ECI of 1.7 million barrels, according to a Reuters poll. ENERGYUSAENERGYAPI.
Crude prices had pared losses ahead of settlement, after the Pentagon said President Donald Trump will sharply reduce U.S. forces in Afghanistan from 4,500 to 2,500.
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