Oil prices fell on Wednesday on worries about a possible second wave of coronavirus cases in countries starting to ease lockdowns, while industry data showed a rise in US crude inventories.
The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced demand slump, after OPEC’s biggest producer said earlier this week it planned to add to cut output again.
Brent crude was down 58 cents, or 1.9 per cent, at $29.40 by 0221 GMT, having risen 1.2 per cent on Tuesday. US crude was down 39 cents, or 1.5 per cent, at $25.39 a barrel, after jumping nearly 7 per cent in the previous session.
