Oil prices slip on rising coronavirus cases, oversupply and demand concerns
Oil prices fell on Tuesday on worries that a resurgence of coronavirus cases globally is stifling a recovery in fuel demand while growing Libyan output adds to already plentiful supply.
Brent crude futures were trading down 34 cents, or 0.8%, at $42.28 a barrel by 0903 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 15 cents, or 0.4%, to $40.68.
COVID-19 cases topped 40 million on Monday, according to a Reuters tally, with a growing second wave in Europe and North America sparking various degrees of lockdown measures.
A meeting on Monday of a ministerial panel of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, pledged to support the oil market as concerns grow over soaring coronavirus cases.
