Oil prices fall further as OPEC prepares to boost output

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Oil prices fell on Monday on fears about the economic fallout from rising COVID-19 cases around the globe and on oversupply worries as OPEC and its allies are set to wind back output cuts in August.

Brent crude  fell 18 cents, or 0.4%, to $43.34 a barrel  and U.S. West Texas Intermediate (WTI) crude was down 19 cents, or 0.5%, at $40.06.

In the last month, Brent has been trading in a range between $41 and almost $45.

Oil continues to trade in an incredibly rangebound manner,” said Warren Patterson, ING’s head of commodities strategy.

“Speculators appear to be getting more nervous about the demand recovery, with the path much more gradual than market expectations coming into the second half of the year,” he added.

Coronavirus cases continued to surge in the United States and stood at almost 18 million globally. More countries imposed new restrictions or extended the current ones to control the pandemic.

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