Brent and WTI oil prices extend losses
Oil prices slid for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading some countries to resume partial lockdowns that could hurt fuel demand.
Brent crude dropped 83 cents, or 2%, to $40.19 a barrel by 0456 GMT, while U.S. crude was at $37.69, down 80 cents, or 2.1%, Reuters reported.
Brent crude is set to end June with a third consecutive monthly gain after major global producers extended an unprecedented 9.7 million barrels per day supply cut agreement into July, while oil demand improved after countries across the globe eased lockdown measures.
Despite efforts by OPEC+ to reduce supplies, crude inventories in the United States, the world’s largest oil producer and consumer, have hit all-time highs.
Even as the number of operating oil and natural gas rigs dropped to a record low last week, higher oil prices are prompting some producers to resume drilling.