Oil prices mixed on tight inventories, demand worries | Reuters

Oil prices mixed on tight inventories, demand worries | Reuters

Oil prices were little changed on Tuesday, as prospects of tight inventories worldwide were offset by forecasts of a production increase in coming months and concerns over rising coronavirus cases in Europe.

Brent crude rose 51 cents, or 0.6%, to $82.57 a barrel, as of 18:30 GMT, while U.S. West Texas Intermediate (WTI) crude added 6 cents, or 0.1%, at $80.93 a barrel.

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

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