Crude oil futures ended lower on Monday, weighed down by lingering concerns about energy demand outlook due to rising coronavirus cases. Several states in America have reportedly seen an increase in the number of new Covid-19 cases. Italy announced new measures after the country recorded a record daily increase of the Covid-19 cases for the fifth day in a row on October 18. Further, increased oil output from Libya hurt as well. After remaining shut for a few months, Libya has increased its crude output following easing of a blockade by eastern forces in September.
Crude oil futures for November fell 5 cents or about 0.1 percent to settle at $40.83 a barrel on the New York Mercantile Exchange. December Brent crude declined 31 cents or 0.7 percent to settle at $42.62 a barrel on London's Intercontinental Exchange.