LONDON : Oil prices dropped on Monday on big spikes in COVID-19 infections over the weekend in the United States and elsewhere while traders await an OPEC technical meeting expected to recommend an easing of supply cuts.Brent crude fell 65 cents, or 1.5%, to $42.59 a barrel by 0848 GMT, though prices have been hovering around $42 for a couple of weeks.
U.S. crude was down 75 cents, or 1.9%, at $39.80."Pricing pressures are locked in a holding pattern and will remain so until the coronavirus pandemic is brought under control.
Until then, there will continue to be a lack of conviction in upside potential," said Stephen Brennock of oil broker PVM.U.S.