Crude oil prices fell to a five-month low at the opening of trade in early November, extending losses recorded last week due to concerns over global demand that may be affected by the implementation of new sanctions.
Countries across Europe have re-imposed stricter sanctions in an effort to curb the spread of the Covid-19 pandemic that has worsened on the continent since last month.
Most recently, over the weekend, Prime Minister Boris Johnson announced a nationwide closure for the second time after the UK continued to see an increase in daily Covid-19 cases and the death toll is expected to rise in the winter.
Brent crude futures for January traded lower at $ 36.32 a barrel, while the US WI remained weak at $ 34.17 a barrel after falling to $ 33.64 a barrel at the start of the Asian session.
Concerns over weak global demand and rising supply have caused oil prices to fall for the second consecutive month in October, with US oil plunging by 11% and Brent by 8.5%.
Sentiment for black commodity trading was also weakened by increased supply from OPEC members Libya and Iraq, offsetting cuts in production by other members and causing the group's production to increase for the fourth month in October.
