NEW YORK: Oil prices fell on Monday as investors worried about a second wave of coronavirus infections, but new output cuts from Saudi Arabia tempered worries about oversupply and limited price losses.
Brent crude futures lost 96 cents, or 3.1 per cent, to $30.01 a barrel by 11:25 a.m. EDT (1525 GMT). West Texas Intermediate (WTI) crude futures fell 21 cents, or 0.9 per cent, to $24.53 a barrel.
Global oil demand has slumped by about 30 per cent as the coronavirus pandemic has curtailed movement across the world, leading to growing inventories globally. While crude futures have fallen more than 55 per cent this year because of the virus, prices have gained the past two
