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Oil prices inch lower amid bleak outlook for fuel demand

Oil prices inched lower on Tueday as a bleaker outlook for global fuel demand prompted fresh selling, but short-covering ahead of a meeting later this week of OPEC and its allies limited losses.
 
Brent crude was down three cents at $39.58 a barrel reversing earlier gains. 
 
U.S. West Texas Intermediate crude futures declined two cents to $37.24 a barrel.
 
Major oil industry producers and traders are forecasting a bleak future for worldwide fuel demand, due to the coronavirus pandemic's ongoing assault on the global economy, with OPEC downgrading its oil demand forecast yesterday and BP citing demand might have peaked in 2019.


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