Oil prices witnessed a mixed trend in Tuesday morning trade amid the concerns of a possible rise in COVID-19 cases following the U.S. Labor Day long weekend.
U.S. Labor Day long weekend also marks the end of the peak U.S. driving season. Coronavirus cases rose in 22 of the 50 U.S. states on the holiday weekend traditionally filled with gatherings to mark the end of summer. At the same time, cases are rising up in India and Britain.
Brent crude futures inched up 6 cents, or 0.1%, to $42.07 a barrel. This price is up after a 1.5% rise on Monday trade.
U.S. West Texas Intermediate (WTI) crude futures fell 64 cents, or 1.6%, to $39.13 per barrel playing catch-up with a drop in Brent prices overnight.
Brent dropped on Monday after Saudi Arabia’s Aramco, the world’s top oil exporter, cut the October official selling prices for its Arab Light crude, seen as a sign demand growth may be stuttering as COVID-19 cases flare up around the world.