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