Oil prices fell for a fourth straight day on Tuesday on fears about a surge in new global coronavirus cases impacting fuel demand. Rising output from Libya also added to supply worries in the market.
Brent crude futures dropped 0.7%, or 30 cents, to $42.32 per barrel after sliding 31 cents on Monday. U.S. West Texas Intermediate crude futures fell 0.6%, or 26 cents, at $40.57 per barrel following a 5-cent slip on Monday.
Global COVID-19 cases hit 40 million on Monday with an escalating second wave in Europe and North America prompting new lockdowns.
OPEC’s market monitoring panel met on Monday and pledged to support oil prices as worries grow over rising coronavirus cases.
For now, OPEC and its allies are sticking with the 7.7 million bpd output cut through December. That will be cut down to 5.8 million bpd in January.