Oil prices dropped on Monday, extending last week’s losses, as increasing coronavirus cases in the US and Europe increased concerns over energy demand, while Libya’s fast growing production also weighed on prices.
Brent dropped $1.08, or 2.6%, at $40.69 by 0934 GMT US West Texas Intermediate (WTI) fell $1.05, or 2.6%, to $38.80. Both contracts plummeted roughly 2.5% last week.
The United States reported its largest number yet of new coronavirus infections in two days through Saturday, while in France new cases hit a record of over 50,000 on Sunday. Italy and Spain imposed new restrictions to curb the virus.