Oil prices fell on Wednesday on concerns about a possible second wave of coronavirus cases in countries easing lockdowns, which could prompt renewed movement restrictions, while industry data showed U.S. crude inventories are still rising. The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced demand slump, after the Organization of the Petroleum Export Countries’ (OPEC) biggest producer said earlier this week it planned to add to output cuts again. “Oil prices are being undercut by fears that a resurgence of the coronavirus may prompt countries to keep lockdowns in place for longer, hurting global economic activity and energy demand,” said Avtar Sandu, manager, commodities at Phillip Futures in Singapore.
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