Oil Declines for Second Consecutive Month

Oil prices retreated to record the second consecutive monthly decline, as concerns increased about global oil demand amid a record rise in new cases of coronavirus, Covid 19, in Europe and the United States.

Brent crude futures, the global benchmark for delivery in December, fell to $ 37.46 a barrel after hitting a five-month low of $ 36.64 a barrel, and Brent crude posted monthly losses of nearly 10%.

US West Texas Intermediate crude futures for December delivery fell to $ 35.79 a barrel after falling to its lowest level since June at $ 34.92 a barrel, and West Texas Intermediate crude posted a monthly loss of 11%.