Oil steady on tighter supply, but virus fears cap gains - Reuters

Oil steady on tighter supply, but virus fears cap gains - Reuters:

Oil prices were steady on Monday, supported by tighter supplies from major producers but held in check by concerns over a rise in coronavirus infections worldwide that could stall a recovery in fuel demand.

Brent crude LCOc1 was up 5 cents, or 0.1%, at $42.24 a barrel by 1349 GMT. The West Texas Intermediate (WTI) crude contract for August CLc2, which became the day’s more active contract, rose 10 cents, or 0.2%, to $39.93.

South Korea on Monday said for the first time that it was in the midst of a second wave of the coronavirus. The World Health Organization reported a record rise in global cases on Sunday, with the biggest increase coming from North and South America.

“Infections are rising in key markets around the world and there are valid concerns that the world is in for a prolonged period of dealing with its consequences,” said Rystad Energy’s head of oil markets Bjornar Tonhaugen.