Oil prices mixed on tight inventories, demand worries | Reuters

Oil prices mixed on tight inventories, demand worries | Reuters

Oil prices were mixed on Tuesday, supported by the prospect of tight inventories across the globe, but forecasts of an increase in global production in coming months and concerns over rising coronavirus cases in Europe put pressure on prices.

Brent crude was up 9 cents, or 0.1%, at $82.14 a barrel, by 1449 GMT, while U.S. West Texas Intermediate (WTI) crude fell 25 cents, or 0.3%, to $80.63 a barrel.

“The oil market will remain tight in the short term, which should lend support to prices,” said Commerzbank analyst Carsten Fritsch.

Trafigura's Chief Executive Officer Jeremy Weir said the tightness in global oil markets was due to return of demand to pre-pandemic levels.