Oil Prices Slip 3% As Europe Widens Lockdowns

Oil prices fell more than 3% today on worries a swathe of coronavirus lockdowns across Europe will weaken fuel demand, while traders braced for turbulence during the U.S. presidential election week.

Brent crude LCOc1 for January was at $36.78 a barrel, down $1.16, or 3.1%, by 0229 GMT, while U.S. West Texas Intermediate CLc1 fell $1.24, or 3.5%, to $34.55 a barrel. Brent fell as much as 5.8% and WTI as much as 6% in early trade, hitting their lowest levels since May. Oil pared some losses after Japan’s export orders grew for the first time in two years, China’s factory activity accelerated at the fastest pace in nearly a decade in OctoberOPEC+ is scheduled to hold a policy meeting over Nov. 30 and Dec. 1. In the United States, the total oil and natural gas rig count rose in October for a third straight month, according to Baker Hughes data.