Oil Dips As Demand Worries Outweigh Tighter Supply….LIVE NEWS UPDATE BY ROYAL TRADERS

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Oil prices slid on Monday as concern grew that a record rise in coronavirus infections worldwide could stall a recovery in fuel demand, outweighing tighter supplies from major producers.

Brent crude (LCOc1) fell 11 cents, or 0.3%, to $42.03 a barrel by 0505 GMT, while U.S. crude (CLc1) was at $39.69 a barrel, down 14 cents, or 0.4%.

Both contracts rose about 9% last week and Brent crude futures have flipped into backwardation, so that oil for immediate delivery costs more than that to be provided later, usually an indication of tightening supply.

“The market has entered a slight backwardation up to October. It times in with some of our estimates that by around November, the market could get really tight,” said Howie Lee, an economist at Singapore’s OCBC Bank.

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