Oil weaker ahead of STEO, API data

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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.