Oil prices slipped on Tuesday as vaccine optimism was overshadowed by concerns over fuel demand in the near term in coronavirus-hit United States and Europe returned to haunt the market.
U.S. West Texas Intermediate (WTI) crude futures was down 60 cents, or 1.5%, to $39.69 a barrel at 07:09 am, while Brent crude futures was down by 54 cents, or 1.3%, to $41.86 a barrel.
Both benchmark contracts climbed 8% on Monday in their biggest daily gains in more than five months after drugmakers BioNTech and Pfizer said an experimental COVID-19 treatment was more than 90% effective based on initial trial results.
On Tuesday, U.S. oil inventory numbers are due from the American Petroleum Institute, and from the Energy Information Administration on Wednesday.
30 Jul 2021 06:19 PM
Key factors to keep in mind before the US markets open
30 Jul 2021 04:12 PM
Indian equity indices ended marginally lower on the first day of the August F&O series.
30 Jul 2021 04:09 PM
Indian rupee versus dollar which ended stronger today. Tap to know
30 Jul 2021 02:51 PM
Check out how European markets are reacting today
30 Jul 2021 02:09 PM
USD/JPY traded slightly higher around 109.50 levels amid worsening covid situation in Japan and rebounding Dollar.
30 Jul 2021 12:59 PM
GBP/USD traded in a narrow range around 1.3935-1.3965 levels as Dollar index rebounds slightly.