Oil prices fell more than 3 per cent on Monday on worries a swathe of coronavirus lockdowns across Europe will weaken fuel demand, while traders braced for turbulence during the U.S. presidential election week. Brent fell as much as 5.8 per cent and WTI as much as 6 per cent in early trade, hitting their lowest levels since May. Countries across Europe have reimposed lockdown measures aimed at slowing COVID-19 infection rates which have accelerated in the continent in the past month. Still, concerns about weakening demand and rising supplies from OPEC and the United States caused oil prices to fall for a second straight month in October, with WTI falling 11 per cent and Brent 8.5 per cent. In the United States, the total oil and natural gas rig count rose in October for a third straight month, according to Baker Hughes data.

Source: Standard Digital November 02, 2020 03:33 UTC