The Brent benchmark was trading down 4.81% on the day, or $3.12 down per barrel at $61.79 and later ended at $62.38 on Monday night.
Gold prices drifted lower at the fourth trading session of the week.
At the time of writing this report, Brent crude rallied by 1.8%, to trade at $63.04 a barrel after losing about 4% yesterday.
The precious metal rallied higher at the mid-week trading session as buyers got assurance from the U.S. Federal Reserve.
West Texas Intermediate (WTI), crude futures plunged by over 3% to trade below $60 a barrel.
Oil traders are arbitrarily going short, on signs of more COVID-19 lockdowns in Europe.
U.S based oil contract, West Texas Intermediate futures plunged by 6.4%, and Brent crude futures dropped by 6.8%.
