Oil dropping hard to open the week's trade
US Sunday evening oil markets are open, CL down about a dollar
There is plenty of bad news about on the surge in coronavirus cases in Europe - and there is little doubt that further restrictions will be implemented very soon which will once again cut into economic activity and hence demand for oil.
From Saturday Europe numbers:
And Sunday is worse:
The US is racking up new cases also, over 83K for the second day in a row reported. The 7 day MA of new cases hit its highest ever, surpassing its previous high set in June.