Oil prices fell more than 3% on Monday on worries that widening coronavirus lockdowns across Europe will weaken fuel demand, and as traders braced for turbulence during the U.S. presidential election week - Reuters reports.
Brent crude futures LCOc1 for January dropped $1.34, or 3.5%, to $36.60 a barrel by 0410 GMT, while U.S. West Texas Intermediate futures CLc1 fell $1.41, or 3.9%, to $34.38.
Brent fell as much as 5.8% and WTI as much as 6% in early trade, hitting their lowest since May.
Accordong to Reuters, OPEC and their allies including Russia, a group known as OPEC+, are cutting output by about 7.7 million barrels per day (bpd) to support prices.
OPEC+ is scheduled to hold a policy meeting over Nov. 30 and Dec. 1 and is likely to delay a planned 2 million bpd production ramp-up past January, Goldman Sachs analysts said in a note - Reuters reports.
