Oil prices slid on Tuesday amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns just as major producers ramp up output.
The slide comes after better-than-expected data on manufacturing activity in Asia, Europe, and the United States, showing factories were emerging from the worst of the early coronavirus pandemic impact.
At the same time producers in the Organization of the Petroleum Exporting Countries are stepping up output and US producers also plan to restart shut-in production and inventories remain near historic highs.
