US oil prices decline early in NY, down 0.6% at $37.97/bbl as investors look past last weekend’s OPEC output-reduction deal to re-focus on coronavirus and its continued, bearish impact on demand. After a six-week-long rally, investors sold the commodity on Monday as WTI lost 3.4%, the biggest one-day decline in nearly two weeks, and profit-taking continues this morning as investors re-position bets ahead of a pair of weekly reports on US oil inventories, says Spartan Capital’s Peter Cardillo. Trade group API reports at 4:30pm ET, followed by official EIA data on Wednesday. Both reports should give a clearer picture on how well US demand is recovering from coronavirus.
(END) Dow Jones Newswires