Crude Oil Futures Settle Slightly Higher

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Crude oil futures contracts ended slightly higher on Tuesday, recovering from early losses.

Earlier, prices were down as surging coronavirus cases outweighed encouraging developments on the vaccine front, and hopes about tighter production cuts by OPEC and allies.

West Texas Intermediate Crude oil futures for December ended up by $0.09 or about 0.2% at $41.43 a barrel.

Brent crude futures were up marginally at $43.85 a barrel.

According to reports from across the globe, Covid-19 cases continue to surge, although the increase in new cases have come down a bit in some countries.

A report from Johns Hopkins University says global Covid-19 cases topped 55 million today.

Sweden is reportedly moving to restrict the size of public gatherings after a spike in new coronavirus cases.

Traders looked ahead to weekly inventory reports from the American Petroleum Institute (API) and Energy Information Administration (EIA).

API’s weekly oil report is due later today, while the EIA will release its data Wednesday morning.

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