Oil Slips Ahead Of Inventory Data

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Oil edged lower on Tuesday as rising coronavirus cases fed concerns about fuel demand and investors looked to inventory data for clues on demand recovery.

Benchmark Brent crude slipped 0.3 percent to $42.72 a barrel, while U.S. West Texas Intermediate futures were down 0.4 percent at $40.44 a barrel.

The global death toll from the coronavirus pandemic eclipsed 1 million on Monday night, with U.N. Secretary General Ant?nio Guterres calling it a “mind-numbing figure”.

He said that it was crucial that the international community learn from the mistakes made in the first 10 months of the pandemic.

Separately, Anthony S. Fauci, the United States’ leading infectious-disease expert, called Florida’s full reopening of bars and restaurants “very concerning,” and warned it will spark more coronavirus outbreaks.

Investors will be looking for signs of growth in U.S. demand from American Petroleum Institute data due out later in the day and from the Energy Information Administration, due to be released on Wednesday.

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