Oil drops on oversupply warnings, rising COVID cases | Reuters
Oil prices fell on Wednesday after the International Energy Agency (IEA) and OPEC warned of impending oversupply and as COVID-19 cases in Europe increased the downside risks to demand recovery, though a fall in U.S. gasoline stocks curbed losses.
Brent crude futures dropped 79 cents, or 1%, by 1038 GMT to $81.64 a barrel, erasing Tuesday's 38 cent gain.
U.S. West Texas Intermediate (WTI) crude futures fell 94 cents, or 1.2%, to $79.82 a barrel, extending a 12 cent loss from Tuesday.
The IEA on Tuesday warned that while the "oil market remains tight by all measures, ... a reprieve from the price rally could be on the horizon ... due to rising oil supplies".
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