Oil rebounds; rises nearly 3% a day before US presidential election voting

NEW YORK (Reuters) – Oil prices gained nearly 3% on Monday, rebounding from several day of losses built on concerns of rising coronavirus cases, one day before the end of U.S. presidential election voting.

The oil market has been under pressure, due to concerns about weaker fuel demand as several European countries restarted lockdowns to curb the coronavirus. Infections recently hit a daily record in the United States as well, and major oil trading merchants believe it could stall out the recovery in demand.

Brent crude gained $1.03, or 2.7%, to settle at $38.97 a barrel. U.S. West Texas Intermediate ended $1.02, or 2.9%, higher at $36.81 a barrel.