Crude oil futures traded above $39 a barrel on Tuesday, as energy companies in the US Gulf Coast began evacuating offshore oil platforms as Tropical Storm Delta is expected to approach the northern Gulf Coast as a category 1 hurricane. Supporting prices further were news that US President Donald Trump was discharged from the hospital, prospects of further stimulus in the US and a labour strike in Norway, which has shut six offshore oil and gas fields. Putting a lid on prices were mounting concerns over fuel demand recovery as the number of coronavirus infections continues to rise worldwide with countries like Spain and France imposing fresh restrictions. Investors now await the API report to be released later in the day.
