NEW YORK, Oct. 19 (Xinhua) -- Oil prices moved lower on Monday, weighed down by a continued rise in global coronavirus cases.
The West Texas Intermediate (WTI) for November delivery lost 5 cents to settle at 40.83 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery decreased 31 cents to 42.62 dollars a barrel on the London ICE Futures Exchange.
The moves came as the global COVID-19 caseload surpassed the milestone of 40 million.
"The fundamental situation on the oil market is certainly cause for concern, with ongoing demand weakness on the one hand and rising production on the other," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note Monday.
"Even if the recent record-high new cases of COVID-19 worldwide have not (yet) caused demand forecasts to be revised further downwards, there is no sign as yet of the hoped-for recovery," he added.
For the week ending Friday, front-month contract for WTI futures rose 0.7 percent, while Brent climbed 0.2 percent. Enditem
