Oil prices edge up as investors focus on demand

Oil prices were marginally lower on Tuesday as rising coronavirus cases continued to weigh on investor sentiment, even as an expected decline in US crude oil inventory for a fifth straight week offered support.

Coronavirus cases across the world crossed 90 million on Monday, Jan.11, according to Reuters.

Separately, Goldman Sachs said Brent crude could rise to $65 per barrel by summer 2021, compared to its earlier estimate that oil would hit $65 by year-end.

In terms of trading, international benchmark Brent crude was up 0.1% at $55.72 per barrel, at 9 am Makkah time.

WTI crude rose 0.2% to $52.36 a barrel.

The American Petroleum Institute is due to release preliminary estimates on US crude inventories later today.