Oil Falls Amid Demand Concerns Despite U.S. Stimulus Bill

Oil Falls Amid Demand Concerns Despite U.S. Stimulus Bill

Oil Falls Amid Demand Concerns Despite U.S. Stimulus Bill

MELBOURNE / SINGAPORE (Reuters) – Oil prices fell on Tuesday as concerns over fuel demand during the coronavirus pandemic outweigh hopes for new stimulus in the US.

The death toll from the coronavirus in the world has exceeded one million, according to Reuters calculations.

Futures for Brent crude oil fell 0.35% to $ 42.28 per barrel by 08:30 Moscow time, on WTI – dropped 0.52% to $ 40.39 per barrel.

US House Speaker Nancy Pelosi said on Monday that Democrats have introduced a new $ 2.2 trillion coronavirus aid bill.

“If this happens, US stimulus payments will go a long way in supporting US oil demand at a critical juncture and could bring oil prices back to the pre-crisis period,” AxiCorp market strategist Stephen Innes said in a memo.

Traders are also watching the escalation of the conflict between Azerbaijan and Armenia over Nagorno-Karabakh, which could affect the supply of oil and gas.

(Sonali Paul and Kustav Samantha. Translated by Olga Beskrovnova. Editor Anna Kozlova)

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