Oil prices edged lower on Tuesday with market players and analysts flagging demand concerns for the rangebound commodity amid decreased volatility. Republicans and Democrats in the US have unveiled their Covid-19 relief packages, and there is a headline $2 trillion difference between them. As the coronavirus pandemic continues to march on, a fiercely partisan legislature will now duke out details in an attempt to reach a compromise. “Negotiations could take weeks, creating more uncertainties” for the economy and thus oil demand, noted Tamas Varga of oil brokerage PVM.
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