Oil prices open down on persistent oversupply worries

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FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo

MELBOURNE (Reuters) – U.S. crude futures fell more than 5% in early trade on Monday, paring last week’s gains, on worries about oil oversupply and tempered hopes for an economic recovery as some U.S. states and cities around the world ease coronavirus pandemic restrictions.

U.S. West Texas Intermediate (WTI) crude CLc1 futures fell as low as $18.50 a barrel and last traded down 95 cents, or 4.8%, at $18.83. The benchmark contract rose 17% last week.

Reporting by Sonali Paul; Editing by Peter Cooney

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