Oil drops on sharp uptick in coronavirus cases globally - Reuters:
Oil prices slid on Monday as sharp spikes in new coronavirus infections around the world forced some countries to resume partial lockdowns, raising concerns about the pace of economic recovery and fuel demand.
Brent crude LCOc1 dropped 84 cents, or 2%, to $40.18 a barrel by 0833 GMT, and U.S. crude CLc1 fell 72 cents, or 1.8%, to $37.77.
“Both contracts are coming under stronger pressure this morning as the spectre of lockdowns returns,” said JBC Energy.
The death toll from COVID-19 surpassed half a million people on Sunday, according to a Reuters tally.
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