⁍ Oil prices fell on Monday, extending last week’s losses.

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⁍ A jump in COVID-19 infections in the United States and Europe raised alarms over crude demand.

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⁍ The prospect of increased supply also hurt sentiment.

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– Oil prices fell on Monday, extending last week’s losses, as a jump in coronavirus infections in the United States and Europe raised alarms over crude demand, while the prospect of increased supply also hurt sentiment. Brent crude LCOc1 was down by 53 cents, or 1.3%, at $41.24 by 0052 GMT. US West Texas Intermediate (WTI) dropped 53 cents, or 1.3%, to $39.32, having fallen more than a dollar shortly after the start of trading. Brent fell 2.7% last week and dropped 2.5%. The United States reported its highest number yet of new coronavirus infections in two days through Saturday, while in France new cases hit a record of more than 50,000 on Sunday, underlining the severity of the outbreak. On the supply side, Libya’s National Oil Corp on Friday ended its force majeure on exports from two key ports and said production would reach 1 million barrels per day in four weeks, a quicker ramp-up than many analysts had predicted. OPEC+, a grouping of producers including the Organization of the Petroleum Exporting Countries ( OPEC) and Russia, is also set to increase output by 2 million bpd in January 2021 after cutting production by a record amount earlier this year. “A resurgence in COVID-19 cases in Europe and North America has stopped the recovery in demand in its tracks,” ANZ Research said in a note.