Daily Times

Oil prices slipped on Tuesday as investors remained concerned about climbing coronavirus cases globally, but expectations of a drawdown in crude oil inventory in the United States for a fifth straight week kept losses in check. Brent crude oil futures slipped 10 cents, or 0.2%, to $55.56 a barrel by 0500 GMT, while US West Texas Intermediate (WTI) fell 8 cents, or 0.2%, to $52.17 a barrel. Worldwide coronavirus cases surpassed 90 million on Monday, according to a Reuters tally, as nations around the globe scramble to procure vaccines and continue to extend or reinstate lockdowns to fight new coronavirus variants. In Asia, Japan is planning to widen a state of emergency beyond its capital Tokyo to stem the spread of COVID-19 while China is implementing movement curbs in some parts of the country. “I think the market will be rapid to conclude that yesterday’s modest pullback in price, provided the virus spread in China remains contained, was but a blip on the radar screen,” said Stephen Innes, chief global market strategist at Axi in a note, citing the prospect of increased economic stimulus in the United States.