Oil falls as US stimulus package faces tough talks

NEW YORK: Oil prices fell on Tuesday as US lawmakers prepared to wrangle over an economic stimulus package and investors worried about a rise in coronavirus cases worldwide. Brent crude futures fell 19 cents, or 0.4%, to settle at $43.22 a barrel, while US West Texas Intermediate (WTI) crude futures fell 56 cents, or 1.4%, to settle at $41.04 a barrel.

Brent is still on track for a fourth monthly rise, and US crude is expected to gain for a third month. US Republicans on Monday unveiled a new coronavirus relief proposal hammered out with the White House, four days before millions of Americans lose expanded unemployment benefits. The package is facing opposition both from Democrats and from some Republicans, however.