Oil prices fall as fuel demand concerns grow after end of US driving season

MELBOURNE/SINGAPORE (Reuters) – Oil prices fell on Tuesday amid concerns that a possible rise in COVID-19 cases following the U.S. Labor Day long weekend, which also marks the end of the peak U.S. driving season, could squeeze demand for fuel.

Coronavirus cases rose in 22 of the 50 U.S. states, a Reuters analysis showed, on the holiday weekend traditionally filled with gatherings to mark the end of summer. At the same time cases are flaring up in India and Britain.

U.S. West Texas Intermediate (WTI) crude futures fell 76 cents, or 1.9%, to $39.01 per barrel at 0433 GMT, playing catch-up with a drop in Brent prices overnight.

Brent crude futures eased 8 cents, or nearly 0.2%, to $41.93 a barrel, after falling 1.5% on Monday.