Oil prices down on rising infection rates

Preliminary findings show that US oil stockpiles in all likelihood fell for the fifth week in a row last week, Reuters reports.

Photo: Jan Unger/Ritzau Scanpix

Oil prices decline Tuesday morning CET on concerns about rising infection rates, though the price drop is curbed by an expected decline in US oil inventories for the fifth consecutive week.

A barrel of European reference oil Brent Tuesday morning costs USD 55.56 against USD 55.59 Monday afternoon. US counterpart West Texas Intermediate concurrently trades at USD 52.19 against USD 52.35 Monday night and USD 52.09 Monday afternoon.

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