Oil was down on Monday morning in Asia, giving up some of its gains from the last session.

Brent Oil futures were down 1.36% to $30.48 by 9:52 PM ET (2:52 AM GMT) and WTI futures slid 2.02% to $24.24. WTI futures had gained almost 5 % during the last session.

Although some U.S. states loosened their lockdown measures and the demand shrunk by the COVID-19 virus is slowly increasing, reports of new outbreaks in South Korea and Wuhan soured investor sentiment.

Data from Johns Hopkins University said that there were over 4 million COVID-19 cases as of May 11.

Fears of a supply glut continue to persist despite producers cutting supply as supply tanks rapidly fill up towards capacity.

Source : Investing.com