Oil prices open down on persistent oversupply worries

Some US states and cities around the world have eased coronavirus pandemic restrictions.

US 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 US states and cities around the world ease coronavirus pandemic restrictions.

US crude futures fell more than 5% in early trade on Monday (AP)

US West Texas Intermediate (WTI) crude 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.