Oil extends losses as rising virus cases spur demand worries | Reuters

Oil extends losses as rising virus cases spur demand worries | Reuters:

Oil prices fell for a second day on Wednesday as rising coronavirus cases prompted concerns about further restrictions on global economic activity that could curb fuel demand.

Brent crude LCOc1 for November delivery dropped 63 cents, or 1.56%, to $40.40 per barrel by 1005 GMT. West Texas Intermediate CLc1 fell 50 cents, or 1.3%, to $38.79.

The November Brent contract expires today, to be replaced by the December contract, which was down around 1.4% at $41.00.

The benchmarks fell more than 3% on Tuesday as global COVID-19 cases passed 1 million, having doubled in three months.