Oil prices crash on demand concerns as many countries extend covid lockdown

Oil prices fell 4% on Monday on worries that widening coronavirus lockdowns in Europe would weaken fuel demand and amid concerns about turbulence over this week’s U.S. presidential election.

Brent crude futures for January dropped $1.49, or 3.9%, to $36.45 a barrel by 0745 GMT, while U.S. West Texas Intermediate (WTI) futures fell $1.58, or 4.4%, to $34.21.

Brent fell as much as 5.8% and WTI as much as 6% in early trade, hitting their lowest levels since May.