Shafaq News / Oil prices slipped on Tuesday as traders took profits after sharp gains in the previous session and Libya’s state oil company flagged progress on talks to resume exports, potentially boosting supply", reuters reported.
The more-active Brent crude futures for September LCOc2 fell 24 cents, or 0.6%, to $41.61 a barrel by 0610 GMT, paring Monday’s 92 cent gain. The August contract LCOc1, which expires on Tuesday, fell 24 cents to $41.47. US crude CLc1 was down 33 cents, or 0.8% at $39.37 a barrel.
senior market analyst at OANDA, Jeffrey Halley, said that, “Both (benchmark crude) contracts have retreated modestly today, driven by profit-taking flows after the robust New York session", adding that, “Although the ranges overnight were impressive, it is essential to note that oil markets are range trading and not trending".
In the meantime, Covid-19 cases continue to increase in US, but strong growth in US pending home sales bolstered some optimism that global fuel demand is rising.