London — Oil fell below $42 a barrel on Tuesday, its fifth session of decline, pressured by concerns that a recovery in demand could weaken as coronavirus infections flare up around the world.
Brent crude fell 50c, or 1.2%, to $41.51 a barrel at 8.18am GMT. US West Texas Intermediate crude dropped $1.05, or nearly 3%, to $38.72. “The combination of coming out of summer peak driving season in the US, which is a seasonal factor, has refocused the market’s attention on whether the demand recovery is strong enough — and clearly there are some doubts, as Aramco’s price move has demonstrated,” said Lachlan Shaw, National Australia Bank’s head of commodity research.
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