On Tuesday, WTI crude oil prices are trading weaker due to rising fears about a second wave of coronavirus in the wake of an increase in the number of cases, which could potentially weigh on oil demand even as economies reopen. At the time of writing, WTI crude oil is trading at around $36.87 per barrel.

Even though US oil started Monday’s trading on a bearish note, it managed to gain around 2.4% over the previous session. Despite worries about the rise in coronavirus cases, oil traders clung to hopes that OPEC+ countries could maintain deeper production cuts as long as demand remains weak due to the pandemic.

This sentiment lent some support to oil prices during the previous session. However, worries about a second wave are back in focus as the total number of cases worldwide exceeded 8 million, with the US and China reporting fresh outbreaks even as they resume economic activity.

On Monday, crude oil prices had received additional support from comments by UAE’s energy minister which sought to reassure markets about OPEC+ nations adhering to the higher supply cuts. He also expressed hopes for improvement in oil demand as countries began easing lockdown restrictions.