Oil prices slipped for a fourth straight day on Tuesday on worries about a resurgence of coronavirus cases globally stifling a promising recovery in fuel demand, while growing output from Libya adds to plentiful supply in the market, APA reports quoting Reuters.
Brent crude futures fell 30 cents, or 0.7%, to $42.32 a barrel by 0149 GMT, after falling 31 cents on Monday.
U.S. West Texas Intermediate (WTI) crude futures slid 26 cents, or 0.6%, 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 having sparked new clampdowns.
“Since April we have seen a miraculous recovery in oil demand – which is now at about 92% of pre-pandemic levels, but it’s too early to declare an end to the COVID-19 oil demand destruction era,” said Rystad Energy oil markets analyst Louise Dickson.