Oil prices were steady on Tuesday, erasing gains earlier in the session, as rising coronavirus cases dampened the outlook for demand and countered optimism over more U.S. stimulus. Efforts to stimulate the U.S. economy's recovery from the coronavirus crisis had raised hopes for stronger oil demand. "Oil prices will continue to draw support from the Fed's dovish policy," AxiCorp market strategist Stephen Innes said in a note. "For oil prices to break out higher, there must be a significant flattening of the U.S. Sunbelt COVID-19 case count curve at a minimum," Innes said. Refined products stockpiles are expected to have declined last week, while crude oil stockpiles are expected to have held steady, five analysts polled by Reuters estimated.

Source: The Star July 28, 2020 05:15 UTC