Oil falls on rising stocks, worries of new virus wave - Reuters

Oil falls on rising stocks, worries of new virus wave - Reuters:

Oil prices fell on Wednesday, reversing the previous session’s surge, as record high inventories and worries about a second wave of the coronavirus pandemic outweighed support from a gradual reopening of global economies.

Brent crude was down 81 cents, or 1.9%, to $41.82 a barrel by 1148 GMT a day after hitting its highest level since a price plunge began in March.

The benchmark crude has climbed from below $16 in April but remains a third lower than its level at the end of 2019.

U.S. West Texas Intermediate (WTI) crude fell 91 cents, or 2.2%, to $39.46 a barrel.

A rising number of coronavirus cases in the United States, China, Latin America and India has unnerved investors.