Fears over second wave of Coronavirus puts oil under pressure
Oil prices fell during trading today (Tuesday), with WTI back to levels around $40 a barrel as concerns mounted over a potential second wave of the Coronavirus pandemic.
This comes at a time when investors are waiting for US oil inventory data, due within hours. Reserves declined by one million barrels and are expected to continue to fall for the second week in a row.
The number of confirmed cases of Covid-19 has increased significantly in several US states, in particular California, Florida and Texas, forcing parts of the country to re-impose lockdown measures.