Crude oil continued to trade lower on Tuesday driven by concerns over weak global demand as the number of deaths due to Covid-19 has now exceeded 1 million worldwide.
Brent crude futures fell to $ 42.66 a barrel, while the US WTI traded lower at $ 40.39 a barrel.
Oil prices initially soared at a New York trading session, raised in hopes that an agreement to approve a new $ 2.2 trillion coronavirus stimulus package would be reached.
However, the uncertainty of obtaining the approval of the Senate, in which the majority power is vested in the Republican party has limited the increase in the black commodity trade.
It is understood that negotiations on the previous stimulus plan found a dead end due to a misunderstanding between the two parties.
Meanwhile, concerns over the oversupply of oil have also suppressed black commodity trade due to a three-fold increase in production or 250,000 barrels a day by Libya.
The continued increase in Covid-19 cases continues to add to the gloom over the already weakened oil demand, with total worldwide cases and deaths exceeding 33 million and 1 million, respectively.
