Oil falls on growing fears of a second wave of coronavirus - Reuters

Oil falls on growing fears of a second wave of coronavirus - Reuters:

Oil prices fell on Monday as new coronavirus infections hit China, Japan and the United States, adding to concerns that a resurgence of the virus could weigh on the recovery of fuel demand.

Brent crude was down 93 cents, or 2.4%, at $37.80 a barrel by 0808 GMT. U.S. West Texas Intermediate crude was down $1.33, or 3.7%, at $34.93 a barrel. 


“The recovery in oil demand is already set to be a lengthy process, and a fresh wave of cases will certainly raise worries that a recovery in demand may take even longer than initially thought,” ING’s head of commodities strategy Warren Patterson said.

After nearly two months with no new infections, Beijing officials have reported 79 cases of the coronavirus over the past four days.