Crude oil futures ended lower on Monday as rising coronavirus cases and tighter restrictions on travel in several places raised concerns about outlook for energy demand. Meanwhile, traders were also looking ahead to the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies. The group is expected to discuss tapering oil output cuts. As of now, the group is set to boost output by 500,000 barrels per day from January.
Crude oil futures for February dropped $0.61 or 1.3 percent to settle at $47.62 a barrel on the New York Mercantile Exchange. February Brent crude fell $0.43 or 0.8 percent to settle at $50.86 a barrel on London's Intercontinental Exchange.