Oil edges lower as rising virus cases cloud demand recovery outlook

SINGAPORE: Oil prices dipped again on Monday as rising coronavirus cases upset hopes for a smooth recovery in fuel demand, with crude on track for its first monthly fall in many months after slipping last week.

Brent crude edged down 8 cents, or 0.2 per cent, to $41.84 a barrel by 0003 GMT after dropping 2.9 per cent last week. US West Texas Intermediate was at $40.12 a barrel, down 13 cents or 0.3 per cent, following a 2.1 per cent decline last week.

Brent is on track to fall for the first month in six while WTI is headed for its first monthly loss since April as renewed mobility curbs in various countries following more coronavirus cases cloud the outlook on fuel demand recovery.