Oil prices weakened for the fourth session on Tuesday. On the back of surging cases of coronavirus in Japan, a weak demand picture in Asia, and a belief in OPEC and among its allies that the market does not need more crude. Brent crude was down 39 cents, or 0.6%, at $69.12 per barrel as of 1:15 p.m. ET (1715 GMT.) U.S. West Intermediate crude (WTI) fell 64 cents, or 1%, to $66.65 a barrel. Both contracts had fallen for three straight sessions.
Japan, the world’s third-largest economy, extended its state of emergency in Tokyo and other regions on Tuesday and announced new measures covering seven more prefectures to counter a spike in COVID-19 infections that are threatening the medical system. Meanwhile, New Zealand entered a new lockdown after the country's first coronavirus case in six months was reported. The oil market will likely require a distinct downtrend in the virus that will allow China to reopen its economy.
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