Oil prices fell for the first time in four days on Wednesday, pulling back from as much as five-month highs as mounting coronavirus cases worldwide and in the United States undercut market confidence in a pickup in fuel demand.
Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base
West Texas Intermediate oil was down 17 cents, or 0.4%, at $41.53 a barrel. The contract ended Tuesday trading 1.7% higher, its highest close since late July. Still, talks between Democrats in Congress and the White House on a new package of coronavirus relief started moving in the right direction, although the two sides remain far apart.
“Oil could be ready to test the upper boundaries of its recently tight range,” said Edward Moya, senior market analyst, at OANDA.
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