Oil slips as traders fret about demand
Brent loses ground as concern that US fuel demand may not recover as quickly as expected overshadows fall in US crude stocks
19 August 2020 - 08:27
Tokyo — Oil prices eased on Wednesday on the concern that US fuel demand may not recover as quickly as expected amid stalled talks on an economic stimulus package, overshadowing a bigger-than-expected drawdown in US crude stocks.
With investors keeping one eye on a key producer countries’ ministerial meeting later in the day, Brent crude futures fell 33c, or 0.7%, to $45.13 a barrel by 4.18am GMT, having edged up 9c on Tuesday...
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