Oil eases amid rising coronavirus cases worldwide

Oil prices fell on Monday, unnerved by the prospect that a recovery in fuel demand could be derailed by a rise in the pace of coronavirus infections around the world.

Brent crude was down 25 cents, or 0.6%, at $42.89 a barrel by 0353 GMT, after dropping slightly last week. US oil was off by 22 cents, or 0.5%, at $40.37 a barrel, after gaining 4 cents last week.

More than 14.5 million people have been infected by the novel coronavirus globally and more than 604,000 have died of COVID-19, the disease caused by the pathogen, according to a Reuters tally.

“The risks of a second COVID-19 torpedo to world growth grow increasingly likely by the day,” said Jeffrey Halley, senior market analyst at OANDA.