Oil falls on fears of coronavirus second wave - Reuters

Oil falls on fears of coronavirus second wave - Reuters:

Oil prices fell on Monday as a new wave of coronavirus infections in some countries and concern over a persistent glut cancelled out support from supply cuts by the world’s biggest producers.

Brent crude LCOc1 was down 74 cents, or 2.4%, at $30.23 a barrel by 1012 GMT, while U.S. West Texas Intermediate crude CLc1 fell 55 cents, or 2.2%, to $24.19.

Possible signs of a second wave of infections worried investors as Wuhan, the epicentre of the coronavirus outbreak in China, on Monday reported its first cluster of infections since the city’s lockdown was lifted a month ago.

New coronavirus infections are accelerating in Germany only days after it loosened social restrictions, raising concerns that the pandemic could again slip out of control. South Korea also warned of a second wave of the virus on Sunday.