Oil prices fell more than 1% on Wednesday but hovered at levels not seen since early March, as investors digest the global economic reopen, oversupply and demand concerns. New coronavirus infections continue to rise in the US, Latin America and Germany although many investors believe further economic shutdowns are unlikely. Meanwhile, API data showed US crude stockpiles rose by a higher-than-expected 1.7 million barrels in the latest week. Government EIA figures will be released later in the day. WTI crude traded around $39.7 a barrel and Brent crude near $42.2 a barrel.