Crude oil prices slide 3% as Europe expands coronavirus lockdown

SINGAPORE (Reuters) – 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 for January was at $36.78 a barrel, down $1.16, or 3.1%, by 0229 GMT, while U.S. West Texas Intermediate 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.