Oil prices fell in early trade on Tuesday after weak Japanese industrial production data, not usually a market-moving factor, was enough to jangle trader nerves over a bumpy recovery in fuel demand as coronavirus pandemic restrictions ease.
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant
Brent crude LCOc2 futures for September fell 32 cents, or 0.8%, to $41.53 a barrel, paring Monday’s 92-cent gain. There were no early trades on the August contract, which rose 69 cents on Monday and expires on Tuesday. Japan reported industrial output for May fell 8.4% in May from the previous month, compared with market forecasts for a 5.6% decline.
Bulls will be looking for more signs of a demand recovery in data due on Tuesday from the American Petroleum Institute industry group, and from the U.S. government on Wednesday.
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