Oil falls due to oversupply, fears of second wave of virus | latest news


Oil prices fell more than 1% on Monday, May 11th, as fears of a recurring glut and economic darkness due to the Corona virus pandemic overshadowed support from supply cuts by some of the world’s largest producers.

By 06:24 GMT, Brent crude futures were down 51 cents, or 1.7% to $ 30.46 a barrel, while U.S. West Texas Intermediate crude futures fell 49 cents, or 2%, to $ 24.25 a barrel.

Both benchmarks seized gains over the past two weeks as countries eased trade and social restrictions to contain the Corona virus and fuel demand recovery, albeit modestly. Another factor behind the decline in oil production worldwide.

But potential harbingers of a second wave of Coronavirus infections in northeast China and South Korea have raised investor concerns, even as more countries embark on easing pandemic restrictions that could boost oil demand.


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