Oil was anchored near $37 a barrel as investors weighed output cuts from major producers and more Federal Reserve support for the U.S. economy against fears of a second wave of coronavirus cases.

Futures in New York were little changed after climbing for the first time in three days in the previous session. A new outbreak in Beijing and sharp increases in infections in some U.S. states including Arizona and Florida are adding to nervousness that the worst of the pandemic is yet to come.

West Texas Intermediate crude for July delivery lost 6 cents to $37.06 a barrel on the New York Mercantile Exchange as of 1:59 p.m. in Singapore. It's risen almost 5% so far in June after surging 88% in the previous month.

Brent for August delivery was steady at $39.74 on the ICE Futures Europe exchange after advancing 2.6% in the previous session. The contract was 84 cents cheaper than November futures, compared with 82 cents on Monday, a market structure known as contango that signals supplies are still ample.

Source : Bloomberg