Oil dipped amid concerns of rising COVID-19 cases worldwide

Shafaq News/ Oil prices slipped on Tuesday as investors remained concerned about climbing coronavirus cases globally. Still, expectations of a drawdown in crude oil inventory in the United States for a fifth straight week kept losses in check.

Brent crude oil futures slipped 11 cents, or 0.2%, to $55.55 a barrel by 05:15 GMT, while U.S. West Texas Intermediate (WTI) fell 8 cents, or 0.2%, to $52.17 a barrel.

Worldwide coronavirus cases surpassed 90 million on Monday, according to a Reuters tally, as nations around the globe scramble to procure vaccines and continue to extend or reinstate lockdowns to fight new Coronavirus variants.

U.S. President-elect, Joe Biden, who takes office on Jan. 20 with his Democratic party in control of both Houses, has promised “trillions” in extra pandemic-relief spending.

U.S. crude oil stockpiles likely fell for a fifth straight week, while refined products inventories were seen up last week, reports from industry group American Petroleum Institute showed on Tuesday.

Brent could rise to $65 per barrel by summer 2021, Goldman Sachs said, driven by Saudi cuts and the implications of a shift in power to the Democrats in the United States.

The Wall Street investment bank had previously predicted oil would hit $65 by year-end.