Oil prices fall on supply glut, fears of second virus wave - Reuters

Oil prices fall on supply glut, fears of second virus wave - Reuters:

Oil prices slipped more than 1% on Monday as concern over a persistent glut and economic gloom caused by the coronavirus pandemic cancelled out support from supply cuts at some of the world’s top producers.

Brent crude futures LCOc1 were down 51 cents, or 1.7%, at $30.46 a barrel by 0624 GMT, while U.S. West Texas Intermediate crude futures CLc1 fell 49 cents, or 2.0%, to $24.25 a barrel.

Both benchmarks have notched up gains over the past two weeks as countries have eased business and social lockdowns imposed to cope with the coronavirus and fuel demand has rebounded modestly. Oil production worldwide is also declining.

But possible signs of a second wave of coronavirus infections in northeast China and South Korea worried investors even as more countries started to pivot towards easing pandemic restrictions in moves that could support oil demand.