Crude oil futures ended lower on Monday as rising Covid-19 cases prompted more lockdowns around the world, threatening a global economic recovery. Meanwhile, California entered another wide-sweeping lockdown as the US notched a record number of coronavirus cases in 24 hours for the third day running. Hard-hit Los Angeles County reached another alarming milestone in the coronavirus surge, surpassing 10,000 new daily cases. Besides, rising US-China tensions and reports suggesting that Iran is preparing to raise oil exports also weighed on the commodity.
Crude oil futures for January dropped 1 percent to settle at $45.83 a barrel on the New York Mercantile Exchange. February Brent crude lost 0.7 percent to settle at $48.89 a barrel on London's Intercontinental Exchange.