Oil prices slumped more than 4 per cent 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.[SINGAPORE] Oil prices slumped more than 4 per cent 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 US$36.32 a barrel, down US$1.62, or 4.3 per cent, by 0018 GMT, while US West Texas Intermediate fell US$1.62, or 4.5 per cent, to US$34.17 a barrel. Brent earlier hit a low of US$35.74 a barrel while WTI slipped to US$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.
"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 US and their rising infection rates and wondering if Europe is providing the model for what will happen in the US in the coming weeks."
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