Oil price falls on fears of second coronavirus wave

Brent crude futures lost US$1.34, or 4.3%, to settle at $29.63 a barrel. U.S. West Texas Intermediate (WTI) crude fell 60 cents, or 2.4%, to settle at $24.14 a barrel.

NEW YORK: Oil prices fell on Monday as investors worried about a second wave of coronavirus infections, but new output cuts from Saudi Arabia tempered worries about oversupply and limited price losses.

Brent crude futures lost US$1.34, or 4.3%, to settle at $29.63 a barrel. U.S. West Texas Intermediate (WTI) crude fell 60 cents, or 2.4%, to settle at $24.14 a barrel.