Oil prices eked out small gains on Tuesday after recent sharp losses, but sentiment remained subdued as a surge in global coronavirus cases hit prospects for crude demand while supply is rising.
A lack of progress on agreeing a US coronavirus relief package added to market gloom, though US House of Representatives speaker Nancy Pelosi said on Monday she hoped a deal can be reached before the November 3 elections. “We think demand from this point onwards is really going to struggle to grow. Covid-19 restrictions are all part of that,” said Commonwealth Bank of Australia commodities analyst Vivek Dhar.Prices got some support from a potential drop in US production as oil companies began shutting offshore rigs with the approach of a hurricane in the Gulf of Mexico.
Organisation of the Petroleum Exporting Countries , who said any oil market recovery may take longer than hoped as coronavirus infections rise around the world.
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