Crude oil prices steady on tighter supply, but virus fears cap gains
LONDON: Oil prices were steady on Monday, supported by tighter supplies from major producers but held in check by concerns over a rise in coronavirus infections worldwide that could stall a recovery in fuel demand.
Brent crude was up 5 cents, or 0.1 per cent, at $42.24 a barrel by 1349 GMT. The West Texas Intermediate (WTI) crude contract for August, which became the day’s more active contract, rose 10 cents, or 0.2 per cent, to $39.93.
South Korea on Monday said for the first time that it was in the midst of a second wave of the coronavirus. The World Health Organization reported a record rise in global cases on Sunday, with the biggest increase coming from North and South America.
