Oil prices slid nearly $1 a barrel on Monday as concern over a persistent glut and economic gloom caused by the coronavirus pandemic combined to cancel out support from supply cuts at some of the world’s top producers.
Brent crude futures were down 73 cents, or 2.4 per cent, at $30.24 a barrel by 0114 GMT, while US West Texas Intermediate crude futures fell 81 cents, or 3.3 per cent, to $23.93 a barrel.
Both benchmarks have notched gains over the past two weeks as countries have eased business and social lockdowns imposed to cope with the coronavirus and fuel demand has rebounded modestly. Oil production worldwide is also declining.
