Oil falls on fears of coronavirus second wave

Oil prices fell on Monday as a new wave of coronavirus infections in some countries and concern over a persistent glut cancelled out support from supply cuts by the world’s biggest producers.

Possible signs of a second wave of infections worried investors as Wuhan, the epicentre of the coronavirus outbreak in China, on Monday reported its first cluster of infections since the city’s lockdown was lifted a month ago.

Global oil demand has slumped by about 30% as the pandemic has curtailed movement across the world, building up inventories globally.