Oil futures settled lower on Tuesday amid worries about outlook for energy demand due to the continued surge in coronavirus cases in several states across the U.S. and reports of tight lockdown measures in several countries across the world.
Data showing OPEC oil production climbed to a six-month high in November, rising by 25.21 million barrels per day, also weighed on crude oil prices.
West Texas Intermediate crude for January ended lower by $0.16 or about 0.4% at $45.60 a barrel.
Brent crude futures ended roughly flat at $48.84 a barrel.
Traders were also digesting news that the U.K. has started administering the coronavirus vaccine developed by Pfizer and BioNTech.
The American Petroleum Institute (API) is scheduled to release its weekly oil report later today. The Energy Information Administration’s data is due out on 10:30 AM ET. In a report released today, the EIA has raised its 2020 and 2021 price forecasts for WTI and Brent crude , but cut its outlook for natural-gas prices.
Coronavirus cases are on the rise in the U.S. The governors of New York and California have warned of a crisis that is filling up hospitals.
Among other countries, Germany is looking to impose tougher restrictions on movement after a nationwide partial shutdown made little impact on the spread of the disease.
France may have to delay unwinding some Covid lockdown restrictions next week amid signs the country will miss a coronavirus goal set by President Emmanuel Macron.
The material has been provided by InstaForex Company – www.instaforex.com
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