Oil prices fall as rising coronavirus cases overshadow demand recovery
Oil prices fall as rising coronavirus cases overshadow demand recovery

Oil prices eased on Tuesday on concerns that a fresh wave of COVID-19 infections will hamper a global demand recovery just as major producers ramp up output.
US West Texas Intermediate (WTI) crude futures were down 67 cents, or 1.6 percent, at $40.34 a barrel at 1020 GMT, while Brent crude dropped 71 cents, or 1.6 percent, to $43.44.
The declines come after WTI rose 1.8 percent and Brent climbed 1.5 percent on Monday on better than expected data on manufacturing activity in Asia, Europe and the United States.
“Most oil market participants expect more downward pressure on oil … with COVID-19 ravaging the landscape and OPEC+ adding more barrels into play,” said Stephen Innes, Chief Global Markets Strategist at AxiCorp.