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MELBOURNE/SINGAPORE- Oil prices fell on Tuesday, erasing earlier gains, on concerns that the surge in coronavirus cases in the United States, the world’s biggest oil user, will limit a recovery in fuel demand.
US West Texas Intermediate (WTI) crude futures fell 17 cents, or 0.4 percent, to $40.46 a barrel, after earlier rising to as high as $40.79.
Brent crude futures declined by 19 cents, or 0.4 percent, to $42.91, after hitting an intraday high of $43.19.
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With 16 US states reporting record increases in new COVID-19 case in the first five days of July, according to a Reuters tally, there is mounting concern that public health measures to limit the virus spread will curb fuel demand. – Reuters
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