Brent fell 19 cents to $ 37.46 a barrel, after hitting a five-month low of $ 36.64 in the previous session. The first month’s Brent contract expired Friday and the January contract came in at 32 cents.
U.S. West Texas Intermediate (WTI) crude fell 38 cents to $ 35.79 a barrel, after falling to its lowest since June on Thursday at $ 34.92.
WTI fell 11% on the month, while Brent was down 10%.
French and German leaders have ordered their countries to pull back, as a second massive wave of coronavirus infections threatened to overwhelm Europe before winter.
The United States is also facing a surge in cases, breaking its one-day record for new infections.
“Many oil-intensive countries around the world are experiencing levels of infection that they did not even have in the first wave,” said Paola Rodriguez-Masiu, senior oil markets analyst at Rystad Energy. “These infection levels are intended to reduce demand for oil, as traffic will be kept to a minimum during future lockdowns.”
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, a group known as OPEC +, had planned to increase production by 2 million barrels per day ( bpj) in January.
However, Saudi Arabia and Russia, the main producers, are in favor of continuing to reduce the group’s current production by around 7.7 million b / d next year in the face of lockdowns in Europe and the increase in Libyan oil production.
OPEC + is due to hold a political meeting on November 30 and December 1.
“The result has the potential to send oil prices $ 10 / bbl back and forth,” PVM analysts said of the meeting.
In the United States, the number of oil and gas rigs increased in October for the third month in a row and drillers have added the most rigs in a month since May 2018, energy services company Baker said on Friday. Hughes Co.
Fund managers reduced their net long positions in US crude futures and options in the week to Oct. 27 from 36,589 contracts to 287,723, the US Commission on Contract Trading said on Friday. term (CFTC).