Oil Prices Inch Higher In Cautious Trade
Oil prices rose on Tuesday after falling sharply overnight on worries about the outlook for energy demand amid rising coronavirus cases in Europe.
Benchmark Brent crude rose half a percent, or 1.2 percent, to $41.93 a barrel, after having fallen 4.6 percent the previous day.
U.S. West Texas Intermediate (WTI) crude futures for November delivery were up 0.4 percent, or 1 percent, at $39.92 a barrel after tumbling 4.4 percent on Monday.
Tropical Storm Beta made landfall in Texas late Monday night and is bringing heavy rain to parts of the Texas coast this morning.
Hurricane Teddy is located 435 miles south of Halifax, Nova Scotia still with 100 mph winds moving north-northwest at 28 mph.
Oil prices are moving higher on technical support as a resurgent coronavirus looms over the demand outlook.
Fresh restrictions are being imposed in the U.K. and Spain to curb coronavirus surge. Experts warn the U.S. could experience another outbreak cycle.
Traders await the American Petroleum Institute’s data on U.S. oil inventories later in the day for further direction.