Oil prices regained a semblance of stability on Tuesday after suffering sharp losses over the previous session and last week, as a resurgence of coronavirus cases globally hit prospects for crude demand while increasing supply also hurt sentiment.In early Asia, Brent crude was up 12 cents, or 0.3%, at $40.58 a barrel by 0039 GMT, having dropped more than 3% overnight. U.S. oil was up 13 cents, or 03%, at $38.69 a barrel, after also declining more than 3% on Monday.
A wave of coronavirus infections sweeping across the United States, Russia, France and many other countries has undermined the global economic outlook, with record numbers of new cases possibly forcing some countries to impose fresh restrictions as winter looms. Prices got some support from the potential drop in U.S. production as oil companies began shutting offshore rigs with the approach of a hurricane in the Gulf of Mexico.
But that contradicted an earlier remark from OPEC's secretary general, who said any oil market recovery may take longer than hoped as coronavirus infections rise around the world.
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