Brent crude settled down US$1.71, or 3.96% at $41.44 a barrel. U.S. crude fell $1.80, or 4.38% to $39.31 a barrel. Both contracts were set for their biggest daily drops in two weeks.
NEW YORK,:Oil prices plunged about 5% on Monday, weakening as rising coronavirus cases stoked worries about global demand, and a potential return of Libyan production bolstered oversupply fears.
Crude oil followed other equities and commodities markets in turning risk-averse on Monday as rising COVID-19 infection rates in Europe and other countries prompted renewed lockdown measures, casting doubt over economic recovery.
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