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Oil Prices Swing on U.S Virus Concern

Oil prices were mixed on Tuesday, as investors weighed a weakening of the dollar that makes crude cheaper for global buyers as well as the prospect of further support from governments and central bankers to prop up their economies from the COVID-19 crisis against a resurgence of virus cases in some parts of the world and growing Sino-US tensions.

Market participants also keep their eyes on the Federal Reserve’s two-day meeting starting later in the day, where on Wednesday it is expected to reaffirm that it will keep interest rates near zero for longer.

Investors also will be looking at US inventory data from the industry group later on Tuesday. At around 03:15 AM GMT, WTI crude fell 0.1% to 41.56 a barrel, while Brent crude rose 0.2% to 43.48 a barrel.

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