EnergyWatch

Oil prices dip after increase Monday evening

While coronavirus-related developments have prices on the decline, a potential aid package in the US boosts global pricing in the reverse direction.

Photo: ANGUS MORDANT/REUTERS / X06552

Tuesday morning, oil prices dropped slightly following an increase Monday evening CET.

Developments in the Covid-19 pandemic on one hand continue to put a damper on prices, which are, on the other hand, underpinned by speculation on the possibility of an imminent economic stimulus package in the US.

A barrel of European reference oil Brent Tuesday morning costs USD 42.27 against USD 42.01 Monday afternoon. US benchmark crude West Texas Intermediate concurrently trades at USD 40.40 against USD 40.21 Monday afternoon.

In the days to come, market players can expect inventory counts over US stockpiles. Tuesday, the American Petroleum Institute will publish its numbers, and Wednesday will see the federal Energy Information Administration give its report.

Five analysts questioned by Reuters expect an average rise in US oil stockpiles by 1.4 million barrels over the course of a week.

Tuesday morning, one troy ounce of gold costs USD 1,880.98 against USD 1,881.48 Monday afternoon.

On the industrial metals market, one tonne of copper trades Tuesday morning at USD 6,592 against USD 6,578.50 Monday afternoon.

English Edit: Jonas Sahl Jørgensen

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