Oil dips on surge in Covid-19 infections

VIENNA, July 13 (Reuters): Oil prices dropped on Monday on big spikes in Covid-19 infections over the weekend in the United States and elsewhere while traders await an OPEC technical meeting expected to recommend an easing of supply cuts.

Brent crude LCOc1 fell 65 cents, or 1.5 per cent, to $42.59 a barrel by 0848 GMT, though prices have been hovering around $42 for a couple of weeks. US crude CLc1 was down 75 cents, or 1.9 per cent, at $39.80. "Pricing pressures are locked in a holding pattern and will remain so until the coronavirus pandemic is brought under control. Until then, there will continue to be a lack of conviction in upside potential," said Stephen Brennock of oil broker PVM.

US Covid-19 infections surged over the weekend as Florida reported an increase of more than 15,000 new cases in 24 hours, a record for any state