Oil prices continue to decline, fall more than 1%

Oil rigs

Oil prices declined more than 1% on Monday amid demand concerns as COVID-19 cases continue to rise in some countries.

The international benchmark Brent crude was trading down 1.5% at $71.54 per barrel, at 8.56 am Makkah time.

WTI crude fell 1.4% to $68.30 per barrel.

Saudi Arabia reduced prices for all crude grades to customers in Asia during October, and kept the selling price to northwest Europe and the United States unchanged.

Meanwhile, Standard Chartered said it expects OPEC + to stop the monthly increases in supply by December.