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

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