Oil steadies but coronavirus and supply pressures remain
Oil prices steadied on Tuesday but remained under pressure from the threat to demand from a global resurgence in coronavirus cases and rising Libyan output.
Brent crude futures were trading 3 cents lower at $42.59 per barrel.
November U.S. West Texas Intermediate crude futures fell fell 4 cents to trade at $40.79 per barrel, while the more active December contract eased by 7 cents, or 0.2%, to $40.99.
Both contracts have been trading in a $2 to $2.50 range between the high and low price per barrel for two weeks.
COVID-19 cases topped 40 million on Monday, according to a Reuters tally, with a growing second wave in Europe and North America sparking various degrees of lockdown measures.
Reference: CNBC
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