Crude oil futures ended deeply in red on Monday, on expectations Libyan crude will soon return to the market, while worries over a rise in European COVID-19 cases and a global equity market selloff added to the negative tone. Private reports said that Libyan military commander Khalifa Haftar, who controls the eastern portion of the country, would lift an eight-month blockade on crude exports that has virtually shut down production contributed to the weaker tone. The World Health Organization has warned that weekly Covid-19 infections in Europe now are higher than the continent’s first coronavirus peak in March. British Prime Minister Boris Johnson said the country is experiencing the start of a second wave of Covid-19 and stricter lockdown measures will be introduced across the country.
Crude oil futures for October fell $1.80 or 4.4 percent to settle at $39.31 a barrel on the New York Mercantile Exchange. November Brent crude dropped $1.71 or 4% to settle at $41.44 a barrel on London's Intercontinental Exchange.