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Oil prices fall as new lockdowns dent fuel demand

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Fresh wave of Covid-19 infections threaten to stall demand just as producers step up output

A crude oil tank is seen behind a construction site in Dalian, Liaoning province, China on July 16 2018. Picture: REUTERS/Chen Aizhu

US West Texas Intermediate crude futures fell 30c, or 0.7% to $40.71 a barrel at 4.14am GMT, while Brent crude futures fell 37c, or 0.8% to $43.78 a barrel. “On the demand side, we had encouraging global manufacturing data. But there is still a bit of evidence of the oil demand recovery stalling in a few markets with a resurgence of Covid-19,” Lachlan Shaw, head of commodity research at National Australia Bank, said.

In a further sign of a patchy rebound in demand, analysts estimate US refined product stockpiles rose last week, according to a preliminary Reuters poll ahead of data due from the American Petroleum Institute industry group later on Tuesday and the US government on Wednesday.

 

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