Singapore/Sydney — Oil held a loss — but remained near a five-month high — as an industry report pointing to another drop in US crude stockpiles was overshadowed by the coronavirus and a lack of progress on US stimulus talks.
Virus infections breached 20-million globally, Florida reported another day of record deaths and New Zealand’s largest city went back into lockdown after a fresh outbreak. The S&P 500 stock benchmark fell for the first time in eight sessions on Tuesday, with some traders citing comments from Senate majority leader Mitch McConnell saying stimulus talks are at a stalemate as a catalyst.
The API numbers lent some support, but prices are likely to be capped at recent highs, said Warren Patterson, head of commodities strategy for ING Bank NV. “The recovery in demand is still a big worry for the market, particularly given that Opec-plus supply is edging higher.”
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