Oil price falls on fears of second coronavirus wave

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Brent crude futures lost US$1.34, or 4.3%, to settle at $29.63 a barrel. U.S. West Texas Intermediate (WTI) crude fell 60 cents, or 2.4%, to settle at $24.14 a barrel. NEW YORK: Oil prices fell on Monday as investors worried about a second wave of coronavirus infections, but new output cuts from Saudi Arabia tempered worries about oversupply and limited price losses. Brent crude futures lost US$1.34, or 4.3%, to settle at $29.63 a barrel. U.S. West Texas Intermediate (WTI) crude fell 60 cents, or 2.4%, to settle at $24.14 a barrel. Global oil demand has slumped by about 30% as the coronavirus pandemic has curtailed movement across the world, leading to growing inventories globally. While crude futures have fallen more than 55% this year because of the virus, prices have gained the past two weeks, supported by a modest rebound in demand as some travel restrictions are eased. Howeve…