Oil prices were moving lower on Tuesday as Covid-19 cases continued to surge in the U.S. and Europe, underlining worries about fuel demand.

Rising supply from Libya and the U.S., Brexit uncertainty and stalled stimulus talks in the U.S. also weighed on the commodity.

Benchmark Brent crude slipped 0.3 percent to $48.67 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 0.3 percent at $45.63. Both benchmark contracts fell around 1 percent on Monday.

A sharp rise in coronavirus cases has led to a string of renewed lockdowns in many countries, threatening a global economic recovery.

The governors of New York and California have warned of a crisis that is filling up hospitals.

Germany is looking to impose tougher restrictions on movement after a nationwide partial shutdown made little impact on the spread of the disease.

France may have to delay unwinding some Covid lockdown restrictions next week amid signs the country will miss a coronavirus goal set by President Emmanuel Macron.

A partial lockdown in 38 different municipalities, including Copenhagen, Aarhus, Odense and parts of Zealand is to take effect in Denmark from Wednesday.

Elsewhere, South Korea’s daily new Covid-19 cases continued to hover near the 600-mark and the health minister warned the capital area is now a Covid-19 war zone.

The material has been provided by InstaForex Company – www.instaforex.com

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