Oil slides ahead of inventory data report as demand fears weigh
Oil prices eased on Tuesday as coronavirus cases globally continued to rise, but losses were capped amid reports of a blast in Saudi Arabia.
Brent crude was down 11 cents, or 0.2%, at $55.77, while U.S. West Texas Intermediate crude fell 30 cents, or 0.6%, to $52.47.
Indonesia, the world’s fourth-most-populous country, surpassed a million confirmed coronavirus cases on Tuesday while the number of cases in the United States crossed 25 million on Sunday, a Reuters tally showed.
Prices edged up after reports of a blast in the Saudi Arabian capital Riyadh, although the cause remains unclear.
Oil prices were also supported as geopolitical tensions flared after two supertankers, with crew members from Iran and China, were seized on Sunday in Indonesian waters near Kalimantan island for suspected illegal oil transfers.
Reference: CNBC
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