Oil prices slipped for a fourth straight day on Tuesday on worries a resurgence of coronavirus cases globally is stifling a promising recovery in fuel demand, while growing output from Libya adds to plentiful supply.
“It’s clouds of gloom over the oil market again,” said Vandana Hari, energy analyst at Vanda Insights.
Brent crude futures fell 32 cents, or 0.8%, to $42.30 a barrel by 0418 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 sparking new clampdowns.
“The demand picture was already weak; the supply sentiment took a hit on Monday as Saudi Arabia and Russia steered clear of signalling that they would reconsider the planned OPEC+ January output boost,” said Hari.