Oil slips as surge in virus cases clouds demand recovery | Reuters

Oil slips as surge in virus cases clouds demand recovery | Reuters:

Oil prices dipped on Monday as rising coronavirus cases upset hopes for a smooth recovery in fuel demand, with the main crude benchmarks on track for their first monthly falls in multiple months after slipping last week.

Brent crude LCOc1 fell 37 cents, or 0.9%, to $41.55 a barrel by 0652 GMT after dropping 2.9% last week. U.S. West Texas Intermediate CLc1 was at $39.86 a barrel, down 39 cents or 1%, following a 2.1% decline last week.

Brent is on track to fall for the first month in six while WTI is headed for its first monthly loss since April as the reimposition of mobility curbs in some countries clouds the outlook on fuel demand recovery.