MELBOURNE/SINGAPORE (Reuters) – Oil prices fell on Tuesday, paring gains from the previous session, as persistent demand concerns due to the coronavirus pandemic outweighed hopes for a new U.S. stimulus package.
More than 1 million people have died of COVID-19 as of Tuesday, a Reuters tally showed, with fatalities and infections surging in several countries.
U.S. West Texas Intermediate (WTI) crude futures dropped 22 cents, or 0.5%, to $40.38 at 0438 GMT.
The more-active Brent crude futures for December fell 19 cents, or 0.4%, to $42.68 a barrel. The November contract, which expires on Wednesday, fell 17 cents to $42.26 per barrel.
Commodities markets crept up earlier in the day as Democratic lawmakers unveiled a new $2.2 trillion coronavirus relief bill,