Oil falls on demand concerns, posts second monthly decline | Reuters

Oil falls on demand concerns, posts second monthly decline | Reuters

Oil prices fell on Friday and posted a second consecutive monthly drop as rising COVID-19 cases in Europe and the United States heightened concerns over the outlook for fuel consumption.

Brent crude LCOc1 dropped 19 cents to settle at $37.46 a barrel, after touching a five-month low of $36.64 in the previous session. The front-month Brent contract expired on Friday and the January contract LCOc2 settled down 32 cents.

U.S. West Texas Intermediate (WTI) crude fell 38 cents to settle at $35.79 a barrel, after dipping to its lowest since June on Thursday at $34.92.

WTI fell 11% for the month, while Brent dropped 10%.

Leaders in France and Germany have ordered their countries back into lockdown, as a massive second wave of coronavirus infections threatened to overwhelm Europe before the winter.