Oil dips as coronavirus worries offset more Russia sanctions | Reuters

Oil dips as coronavirus worries offset more Russia sanctions | Reuters

Oil prices steadied in volatile trade on Tuesday as growing worries about coronavirus demand destruction offset supply concerns after the United States and Europe planned to impose new sanction on Russia for alleged war crimes in Ukraine.

Brent futures fell 47 cents, or 0.4%, to $107.06 a barrel by 11:31 a.m. EDT (1531 GMT). U.S. West Texas Intermediate (WTI) crude fell 31 cents, or 0.3%, to $102.97.

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Mizuho executive director of energy futures Robert Yawger said oil traders were also worried about a report from the Johns Hopkins Coronavirus Resource Center that new U.S. deaths from COVID-19 rose on Monday to what he said was an all-time high of 14,562, which would push total U.S. deaths over 1 million since the start of the pandemic.