Oil prices inched higher in early trade on Tuesday with major producers sticking to supply cuts, but gains were capped as U.S. coronavirus cases surged, potentially hampering a recovery in fuel demand.
Thank you for reading this post, don't forget to subscribe!West Texas Intermediate crude futures climbed 13 cents, or 0.3%, to $40.76 a barrel, recouping a 2 cent loss from Monday.
Brent crude futures rose 18 cents, or 0.4%, to $43.28, adding to a 0.7% gain on Monday.
The market is still being supported by a bigger-than-expected drawdown in U.S. crude stockpiles reported last week and by record supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, AxiCorp strategist Stephen Innes said.