MELBOURNE- Oil prices were mixed in early trade on Tuesday on looming demand worries about a possible rise in COVID-19 cases following the US Labor Day long weekend, which also marks the end of the peak US driving season.
Coronavirus cases rose in 22 of the 50 US states, a Reuters analysis showed, on the holiday weekend traditionally filled with gatherings to mark the end of summer. At the same time cases are flaring up in India and Britain.
US West Texas Intermediate (WTI) crude futures fell 64 cents, or 1.6 percent, to $39.13 per barrel, playing catch-up with a drop in Brent prices overnight.
Brent crude futures inched up 6 cents, or 0.1 percent, to $42.07 a barrel, after falling 1.5 percent on Monday.
Brent dropped on Monday after Saudi Arabia’s Aramco, the world’s top oil exporter, cut the October official selling prices for its Arab light crude, seen as a sign demand growth may be stuttering as COVID-19 cases flare up around the world.