Oil dips on surge in COVID-19 infections - Reuters

Oil dips on surge in COVID-19 infections - Reuters:

Oil prices dropped on Monday on a record daily rise in global coronavirus cases with big spikes in infections over the weekend in the United States while traders await an OPEC technical meeting expected to recommend an easing of supply cuts.

Brent crude fell 53 cents, or 1.2%, to $42.71 a barrel by 0946 GMT, though prices have been hovering around $42 for a couple of weeks. U.S. crude was down 64 cents, or 1.6%, at $39.91.

“Pricing pressures are locked in a holding pattern and will remain so until the coronavirus pandemic is brought under control. Until then, there will continue to be a lack of conviction in upside potential,” said Stephen Brennock of oil broker PVM.

The World Health Organization reported a record daily increase in global coronavirus cases on Sunday, with the total up by more than 230,000.