Oil dips 4.0 percent as lockdowns drag demand lower

Crude prices were down by 4.0 percent on Monday as tightening containment measures by governments across the globe stifle demand for oil.

United Kingdom Prime Minister Boris Johnson declared a one-month national lockdown after the country's coronavirus infections crossed one million with Chancellor of the Duchy of Lancaster, Michael Gove, hinting measures could be extended even beyond the one-month period.

Meanwhile, several countries in Europe such as Austria, Belgium, and Greece recently ramped up restrictions as well to curb the spread of Covid-19.West Texas Intermediate (WTI) for deliveries in December plunged 3.66 percent to go for 34.48 dollars per barrel, marking its lowest level since May 29. Brent for settlements in January plummeted 3.16 percent to its lowest since mid-May, selling for 36.75 dollars per barrel.