Oil prices drop on fuel demand worries as coronavirus flares up
Oil prices fell in early trade on Tuesday on concerns about fuel demand growth as a fresh wave of Covid-19 infections around the world sparks tighter lockdowns just as major producers ramp up output.
US West Texas Intermediate (WTI) crude futures fell 22 cents, or 0.5% to $40.79 a barrel at 0132 GMT, while Brent crude futures fell 27 cents, or 0.6% to $43.88 a barrel.
The slide comes after WTI rose 1.8% and Brent climbed 1.5% on Monday on better-than-expected data on manufacturing activity in Asia, Europe and the United States showing factories were emerging from the worst of the early coronavirus pandemic impact.
