SINGAPORE (Reuters) – Oil prices slipped on Tuesday as investors worried about escalating coronavirus cases around the world, despite a pullback in the U.S. crude oil record for a fifth straight week. ‘call.
After Monday’s fall, Brent crude oil futures slipped 9 cents, or 0.2%, to $ 55.57 a barrel by 0135 GMT while US West Texas Intermediate (WTI) fell by 8 cents, or 0.2%, to $ 52.17 per barrel .
Coronavirus cases worldwide surpassed 90 million on Monday, according to a Reuters report, while countries around the world scrambled to get vaccines and continued to expand or re-expand. set locks to combat new coronavirus changes.
“I think the market will quickly come to the conclusion that yesterday’s movement was relatively small, as long as the virus is spread in China but a blip on the radar screen, ”Stephen Innes, Axi’s chief global market strategist said in a note, announcing the expectation of further economic stimulus in the United States.
President Joe Biden, who will take office on January 20 with his ruling Democratic Party, has pledged “trillions” in further pandemic relief spending.
U.S. crude oil stocks reportedly fell for a fifth straight week, while last week’s revived yield investments were seen, a forecast poll showed Monday.
The poll was held ahead of reports from the American Petroleum Institute industry group Tuesday and the Energy Information Administration (EIA), the statistical arm of the U.S. Department of Energy, on Wednesday.
Brent could rise to $ 65 per barrel by summer 2021, Goldman Sachs said, led by Saudi cuts and the impact of a shift in power for Democrats in the United States. Wall Street investment bank had previously said oil would hit $ 65 by the end of the year.
Reporting by Jessica Jaganathan; Edited by Kenneth Maxwell