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Oil prices falls lockdowns widen in Europe

Oil prices fell on Monday on worries that widening coronavirus lockdowns in Europe would weaken fuel demand while concerns remain over potential turbulence resulting from this week’s US presidential election.

Brent crude was down 80 cents, or 2.1%, at $37.14 a barrel by 1140 GMT. US West Texas Intermediate fell 93 cents, or 2.6%, to $34.86. Both contracts fell more than $2 earlier in the session.

Countries across Europe have re-imposed lockdown measures to try to slow Covid infection rates that have accelerated over the past month. Global oil trading companies expect further demand destruction, though estimates differ. A tight race in the lead up to the US election also prompted investor caution in global markets.