Oil Prices Close Lower by 4%

Oil prices declined on Monday, amid a negative outlook for global and European demand with the rising number of COVID-19 cases, as well as anticipation for the resumption of crude production and exporting in Libya.

Brent crude futures for November delivery dropped by $1.71, or 4%, and closed at $41.44 per barrel.

Meanwhile, the West Texas Intermediate (WTI) futures for October delivery finished lower by $1.80, or 4.4%, at $39.31 per barrel.