The persistent record rise in US cases, hospitalisations, deaths and thus fear is driving declining sentiment.
Weighing on driving, fuel demand, and thus oil.
Cap Eco sum it up pithily:
Renewed coronavirus outbreaks in some parts of the world have added to reasons to expect the recovery to slow in the months ahead.
If there are reasons to be more hopeful they centre on despite US new cases rising rapidly in the south and west of the country along with the rise in hospitalisations and deaths, the rates of hospitalisations and deaths are falling relative to the earlier wave. Net, the rise in infections is afflicting younger people who are relatively more resistant to serious effects and treatment options are better.