Gulf nations walk fiscal tightrope as second virus wave makes oil scene more complicated

A second wave of the coronavirus is sending shock waves through the global oil market with oil producers struggling to balance output cuts with a tough demand situation.

New coronavirus cases are surfacing in most of Europe and West Asia in clear signs of a second wave that threatens the nascent recovery and brings back the spectre of harsh lockdowns and curfews.

France has already announced a 9 pm curfew in Paris and other big cities as new virus cases surge. Britain is clamping down with new restrictions on socialising indoors.

Other countries are mulling action to bring under control the deadly virus.