From Reuters, updated 3 am GMT:
Oil prices fell more than 3% 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 crude LCOc1 for January was at $36.78 a barrel, down $1.16, or 3.1%, by 0229 GMT, while U.S. West Texas Intermediate CLc1 fell $1.24, or 3.5%, to $34.55 a barrel. Brent fell as much as 5.8% and WTI as much as 6% 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.
“The lockdown measures announced by UK and by Italy are just adding to the deteriorating European situation,” Michael McCarthy, chief market strategist at CMC Markets in Sydney said.
“A lot of traders are now looking at the U.S. and their rising infection rates and wondering if Europe is providing the model for what will happen in the U.S. in the coming weeks.”...MORE
