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


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.

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