Oil prices drop for 4th day as second Covid-19 wave worries intensify
Oil prices slipped for a fourth straight day on Tuesday on worries a resurgence of coronavirus cases globally is stifling a promising recovery in fuel demand, while growing output from Libya adds to plentiful supply.
“It’s clouds of gloom over the oil market again,” said Vandana Hari, energy analyst at Vanda Insights.
Brent crude futures fell 32 cents, or 0.8 per cent, to $42.30 a barrel by 0418 GMT, after falling 31 cents on Monday.
US West Texas Intermediate (WTI) crude futures slid 26 cents, or 0.6 per cent, to $40.57 a barrel, after losing 5 cents on Monday.
Covid-19 cases topped 40 million on Monday, according to a Reuters tally, with a growing second wave in Europe and North America sparking new clampdowns.
