Oil falls as fears of second coronavirus wave take hold - Reuters

Oil falls as fears of second coronavirus wave take hold - Reuters:

Oil prices fell on Wednesday as potential OPEC+ plans to deepen supply cuts were overshadowed by demand concerns exacerbated by a possible second wave of coronavirus infections as countries ease lockdown.

Brent crude LCOc1 dropped 56 cents, or 1.9%, to $29.42 a barrel by 0855 GMT, having risen 1.2% on Tuesday.

West Texas Intermediate crude futures fell 23 cents, or 0.9%, to $25.55 after gaining 6.8% in the previous session.

“Fears are running rife that easing lockdown measures will trigger a second wave of coronavirus infections,” said Stephen Brennoc at oil brokerage PVM.