Oil prices slipped for a fourth straight day on Tuesday on worries a resurgence of coronavirus cases globally is stifling a promising recovery in fuel demand, while growing output from Libya adds to plentiful supply.
Brent crude LCOc1 futures fell 32 cents, or 0.8%, to $42.30 a barrel by 0418 GMT, after falling 31 cents on Monday, as reported by Reuters.
U.S. West Texas Intermediate (WTI) crude CLc1 futures slid 26 cents, or 0.6%, to $40.57 a barrel, after losing 5 cents on Monday.
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A meeting on Monday of a ministerial panel of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together called OPEC+, pledged to support the oil market as concerns grow over soaring infections.
Libya is rapidly ramping up production after armed conflict shut almost all of the country's output in January. Output from its biggest field, Sharara, which reopened on Oct. 11, is now at around 150,000 bpd, or about half its capacity, two industry sources told Reuters.
Meanwhile traders will be watching for crude and product inventory data from the American Petroleum Institute on Tuesday. Analysts expect U.S. crude oil and distillate stockpiles likely fell in the latest week, according to a Reuters poll.
