Oil extends last week’s losses into Monday, falls nearly 2%: report

Fox Business | Oct 26, 2020 at 5:37 AM
  • Oil extended last week’s losses on Monday, falling nearly 2% as a surge in COVID-19 infections in the United States and Europe prompted concern over crude demand, while the prospect of increased supply also hit sentiment.
  • U.S. West Texas Intermediate (WTI) dropped 69 cents, or 1.7%, to $39.16, having fallen more than a dollar shortly after the start of trading.
  • The rig count is an indicator of future supply.