Oil prices fell on Monday as concerns over surging coronavirus cases globally dampened the prospects for demand recovery while China’s third-quarter economic growth was weaker than expected.
Brent crude for December LCOc1 slipped 16 cents, or 0.4%, to $42.77 a barrel by 0856 GMT. U.S. West Texas Intermediate crude for November CLc1 was down 11 cents, or 0.3%, at $40.77. The contract will expire on Tuesday.
Worldwide coronavirus cases crossed 40 million on Monday, according to a Reuters tally.
“Even if the recent record-high new cases of COVID-19 worldwide have not yet caused demand forecasts to be revised further downwards, there is no sign as yet of the hoped-for recovery,” said Commerzbank analyst Eugen Weinberg.
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