Oil drops over 3% amid surge in virus cases

Monday, 26. October 2020 16:48

Crude futures extended losses on Monday, dropping over 3% on worries about declining demand amid a surge in COVID-19 cases.

Oil prices were also affected by concerns about oversupply after Libya boosted its output following a permanent ceasefire agreement in the war-torn country.

Brent for deliveries in December slid 3.02% to sell for $40.52 per barrel at 11:36 am ET and West Texas Intermediate (WTI) for December delivery plunged 3.19% to go for $38.58 per barrel at 11:37 am ET.

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