WTI Crude Oil Recovers Even as Tropical Storm Beta Weakens
Early on Tuesday, WTI crude oil is making gains after having weakened over the previous session even as Tropical Storm Beta loses steam and weak demand concerns remain in focus. At the time of writing, WTI crude oil is trading at around $39.71 per barrel.
US oil supply concerns were eased as the tropical storm weakened and refineries in Texas continued their operations. On Monday, however, US oil prices fell by around 4% over fears of fresh lockdowns being imposed around the world as cases surged, which could further dent the demand for oil.
While some parts of Europe have already reimposed restrictions, the UK could soon announce lockdown measures of its own. In the US, health experts have already warned that a second wave of coronavirus could hit by the winter, disrupting economic recovery and any improvement in oil demand.
Later today, WTI crude oil prices could see some movement on the release of the API inventories report. Analysts are expecting a decline in US crude stockpiles over the past week.
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