Seoul: Oil prices fell on Monday, with US oil dropping more than 2%, as a spike in new coronavirus cases in the United States raised concerns over a second wave of the virus which would weigh on the pace of fuel demand recovery. Brent crude futures fell 66 cents, or 1.7%, at $38.07 a barrel as of 0016 GMT, while US West Texas Intermediate (WTI) crude futures fell 81 cents, or 2.2%, to $35.45 a barrel.
Both benchmarks ended down about 8% last week, their first weekly declines since April, hit by the US coronavirus concerns: More than 25,000 new cases were reported on Saturday alone as more states, including Florida and Texas, reported record new infection highs…
