Home / World News / Oil prices fall on fears about economic fallout from rising Covid-19 cases

Oil prices fall on fears about economic fallout from rising Covid-19 cases

Coronavirus cases continued to surge in the United States and stood at almost 18 million globally

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From August, cuts will officially taper to 7.7 million bpd until December

2 min read Last Updated : Aug 03 2020 | 3:31 PM IST

Oil prices fell on Monday on fears about the economic fallout from rising Covid-19 cases around the globe and on oversupply worries as OPEC and its allies are set to wind back output cuts in August. Brent crude slid 40 cents, or 0.9%, to $43.12 a barrel by 0845 GMT, and US West Texas Intermediate (WTI) crude was down 46 cents, or 1.1%, at $39.81.

In the last month, Brent has been trading in a range between $41 and almost $45.

"Oil continues to trade in an incredibly rangebound manner," said Warren Patterson, ING's head of commodities strategy.

"Speculators appear

Topics : Coronavirus Oil Prices Brent crude OPEC oil output COVID-19 Outbreak of COVID-19 Coronavirus Tests Coronavirus Vaccine

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