Oil prices drop amid supply glut, fears of second coronavirus wave By Tradelinecommodity.com Call Or WhatsApp-9719098555/8057445599 www.tradelinecommodity.com

 Oil prices slid nearly $1 a barrel on Monday as concern over a persistent glut and economic gloom caused by the coronavirus pandemic combined to cancel out support from supply cuts at some of the world’s top producers.

Brent crude futures (LCOc1) were down 73 cents, or 2.4%, at $30.24 a barrel by 0114 GMT, while U.S. West Texas Intermediate crude futures (CLc1) fell 81 cents, or 3.3%, to $23.93 a barrel.

Both benchmarks have notched gains over the past two weeks as countries have eased business and social lockdowns imposed to cope with the coronavirus and fuel demand has rebounded modestly. Oil production worldwide is also declining.

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