Oil prices fell on Tuesday on worries that new clampdowns on businesses to stem surging U.S. coronavirus cases could threaten fuel demand recovery and expectations that OPEC+ might ease output cuts from August in an upcoming meeting.

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Oil slipped nearly 1% on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices.

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British wholesale gas prices dropped on Friday morning due to the oversupply of the gas system amid a drop in gas-for-power demand.

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Oil prices fell on Friday, adding to steep losses from the previous session, and were headed for weekly declines on worries that renewed lockdowns following a surge in coronavirus cases in the United States and elsewhere could suppress fuel demand.

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Prompt British wholesale gas prices edged lower on Thursday morning as an uptick in imports from Norway left the market oversupplied.

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Oil prices were little changed on Thursday as concerns about renewed COVID-19 lockdowns in the United States outweighed signs of a recovery in U.S. gasoline demand.

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Oil prices dipped on Wednesday as industry data showing a build in U.S. crude stockpiles added to worries about oversupply while a surge in coronavirus cases in the United States and other areas cast doubts over a pick-up in fuel demand.

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European spot electricity prices for Wednesday delivery jumped to more than 5-month highs due to a falling forecast for German wind and solar power generation, while French nuclear availability remained low.

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Prompt British wholesale gas prices were little moved amid quiet trade on Tuesday morning, with some support coming from a rise in gas-for-power demand.

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Oil prices fell on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand.

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