Brent sheds 4% on fears of second coronavirus outbreak

Brent crude continued to fall as the US market open on Monday, to fall near its 2-week low, on fears over a second wave of the coronavirus infections, which ebb hopes about the recovery of the global oil demand.

Brent crude fell 4% to $37.26 a barrel, after it opened at $38.78, and hit an intraday high of $38.78.

Brent futures rose 1.7% on Friday, within a breather after diving to  2-week low of $37.03.

Oil prices have also lost 7% during the past week, posting the first weekly loss since mid-April, on renewed concerns over the US demand, and Saudi Arabia's remarks about canceling its voluntary output cuts after June.

A new wave of coronavirus infections emerged in the Chinese capital, Beijing, sparking fears about a second wave of the outbreak, especially as the virus first appeared in Wuhan last year.

The number of coronavirus cases also started to rise again in the US, over the weekend, with more than 25,000 new confirmed cases on Saturday.

This raised market's fears, especially the oil market, following its recent gains based on hopes of the global demand recovery, after many countries relaxed their lockdown restrictions and reopened their economies.