Oil prices fall more than 3%

02/11/2020 Argaam

Crude oil prices plunged more than 3% on Monday amid demand concerns as several European countries reinstated lockdown measures in a bid to control the spread of coronavirus.

 

Meanwhile, traders are also bracing for the US presidential elections this week.

 

At the same time, economic data revealed that China’s Caixin Manufacturing Purchasing Managers Index (PMI) rose in October for the sixth month in a row to 53.6 points -- the highest level since January 2011.

 

In terms of trading, Brent crude was down 3.2% at $36.68 a barrel, at 8.50 am Makkah time.

 

US West Texas Intermediate (WTI) crude futures slumped 3.6% to $34.49 a barrel.

 

The total oil and natural gas rig count in the US rose in October for a third straight month, according to Baker Hughes data.

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