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Oil Prices Fall on Oversupply Worries

WTI crude futures traded 1% lower at $39.8 per barrel on Monday amid oversupply concerns, as OPEC and its allies are due to start reducing production cuts this month.

US shale producers are seen boosting output in coming weeks due to a recovery in oil prices from record lows.

At the same time, a spike in coronavirus cases worldwide could hamper the global economic recovery and fuel demand, with countries such as Australia and the Philippines announcing a reversal of the latest reopening efforts.

Brent crude futures were also down at $43.2 a barrel.

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