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.