Oil weaker ahead of STEO, API data


Crude oil prices fell again as concerns about the spread of the pandemic again fed through into bearish sentiment about the demand outlook.

By 6:20 AM ET, U.S. crude futures were down 0.7% at $45.45 a barrel, while Brent futures were down 0.7% at $48.48 a barrel.

Market focus later will be on the release of the Energy Information Administration’s Short-Term Energy Outlook, and the weekly estimate of U.S. inventories from the American Petroleum Institute.