Oil prices slump 4% on jitters over Europe lockdowns, US elections

Oil prices slumped more than 4% on Monday to the lowest levels since May on worries a swathe of coronavirus lockdowns across Europe will weaken fuel demand, while traders braced for turbulence during the US. Presidential election week.

Brent crude for January was at $36.32 a barrel, down $1.62, or 4.3%, by 0018 GMT, while US West Texas Intermediate fell $1.62, or 4.5%, to $34.17 a barrel. Brent earlier hit a low of $35.74 a barrel while WTI slipped to $33.64 a barrel.

Countries across Europe have reimposed lockdown measures aimed at slowing Covid-19 infection rates which have accelerated in the continent in the past month.