The more-active September contract for Brent settled down US58 cents at $41.27 a barrel.
NEW YORK: Oil prices slipped on Tuesday as investors worried that rising COVID-19 cases would hurt demand while supply could rise with a potential resurgence of Libyan oil production, which has slowed to a trickle since the start of the year.
The more-active September contract for Brent settled down US58 cents at $41.27 a barrel. The August contrac, which expires on Tuesday, fell 56 cents, or 1.2%, to $41.15. The contract has gained 16.5% this month so far, and 81% on the quarter.
U.S. crude was down 43 cents, or 1%, at $39.27 a barrel. U.S. crude has risen 12.4% in the past month, up about 95% in the quarter, reflecting its recovery from late March.
The contract pared losses in post-settlement trade after data from trade group the API showed a larger-than-expected draw in U.S. crude stockpiles.
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