Oil edges higher on tighter supply, but rising Covid-19 fears limit gains

Oil prices edged higher on Monday as major producers cut crude output, but price gains were limited by worries that a rise in coronavirus infections worldwide might stall a recovery in fuel demand.

Brent crude was up 48 cents, or 1.1 per cent , at $42.67 a barrel by 11:45 a.m. EDT (1545 GMT). 

The West Texas Intermediate (WTI) crude contract for August, which became the days more active contract, rose 50 cents, or 1.2 per cent , to $40.33.

South Korea said for the first time that it was in the midst of a second wave of the coronavirus, keeping prices from