investing.com 12 Jan, 2021 04:45 am

Oil prices sapped by rising virus cases; anticipated drop in U.S. inventory stems losses By Reuters

Oil prices sapped by rising virus cases; anticipated drop in U.S. inventory stems losses

By Jessica Jaganathan SINGAPORE (Reuters) - Oil prices slipped on Tuesday as investors remained concerned about climbing coronavirus cases globally, though an anticipated drawdown in crude oil inventory in the United States for a fifth straight week stemmed losses.After falling on Monday, Brent crude oil futures slipped by 9 cents, or 0.crude oil stockpiles likely fell for a fifth straight week, while refined products inventories were seen up last week, a preliminary Reuters poll showed on Monday."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.

Brent could rise to $65 per barrel by summer 2021, Goldman Sachs (NYSE: GS ) said, driven by Saudi cuts and the implications of a shift in power to the Democrats in the United States.com – Gold was down on Tuesday morning in Asia, declining slightly as a firmer dollar and high Treasury yields outweighed U.

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