Oil prices prolonged the decline on Tuesday driven by concerns following a steady increase in coronavirus cases in some countries, overshadowing market optimism over vaccines to be distributed by the end of the year.
Worldwide, a sharp increase in coronavirus cases has led to a number of re-imposed restrictions, including stricter measures in the United States, Germany and South Korea thus affecting short-term fuel demand sentiment.
Ahead of the European session, the benchmark Brent crude futures traded down 30 sen to $ 48.47 a barrel, while the US WTI declined 20 sen at $ 45.52 a barrel.
However, with the spread of the increasingly alarming Covid-19 outbreak in the US, market expectations for the launch of a stimulus measure by the Trump administration have supported crude oil prices from falling lower.
The U.S. Congress reportedly will vote this week to give policymakers more time to reach an agreement.
Meanwhile, Democratic Senate Leader Chuck Schumer said there were signs of progress in discussions on bipartisan proposed aid packages.
