Oil prices declined on Tuesday as concerns over deteriorating global demand due to the COVID-19 crisis outweighed hopes for new fiscal stimulus in the US. A Reuters tally showed that over 1 million people have died due to the virus as of Tuesday, with fatalities and infections surging in some countries. Meanwhile, an economic update by the World Bank Monday showed that the pandemic is set to lead to the slowest growth in over 50 years in East Asia and Pacific as well as China. Traders also watched tensions between Armenia and Azerbaijan over the Nagorno-Karabakh region. If the conflict deepens, it could affect oil and gas exports from Azerbaijan, analysts said. At around 06:15 AM GMT, WTI crude fell 0.7% to $40.31 a barrel, while Brent crude was down 0.5% to $42.22 a barrel.
