Oil prices slip 3 per cent as Europe widens lockdowns

Oil prices fell more than 3 per cent on Monday 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 for January was at $36.78 a barrel, down $1.16, or 3.1 per cent, by 0229 GMT, while U.S. West Texas Intermediate fell $1.24, or 3.5 per cent, to $34.55 a barrel. Brent fell as much as 5.8 per cent and WTI as much as 6 per cent in early trade, hitting their lowest levels since May.