Crude oil futures ended lower with cut of over three percent on Monday as COVID-19 cases in the US and Europe continue to surge, raising alarm over demand for crude. Confirmed global cases of COVID-19 climbed to 43 million on Monday, according to data compiled by Johns Hopkins University, while the death toll rose to 1.15 million. Coronavirus infections in the US hit a record for the second day on Sunday. Cases in France hit a record of over 50,000 over the weekend. Further, fading hopes about a US stimulus package and prospect of increased crude supply raised worries about energy demand.
Crude oil futures for December fell $1.29 or 3.2 percent to settle at $38.56 a barrel on the New York Mercantile Exchange. December Brent crude slipped $1.31 or 3.1 percent to settle at $40.46 a barrel on London's Intercontinental Exchange.