Oil falls on demand concerns, US-China tensions

Oil prices fell on Wednesday on concerns over how quickly fuel demand will recover even as lockdowns ease in many countries with falling coronavirus cases, with U.S.-China tensions adding to the pressure.

Brent crude futures fell 40 cents, or 0.7%, to $35.77 by 0009 GMT, after falling 1.8% on Tuesday. US West Texas Intermediate (WTI) crude futures were down 49 cents, or 1.2%, at $33.95 a barrel, having risen 3.3% the previous session.

The Organization of the Petroleum Exporting Countries and producers including Russia, a grouping referred to as OPEC+, are cutting their output by almost 10 million barrels per day in May-June to buttress prices as the coronavirus pandemic quarantines have slashed fuel demand.