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STEPHEN INNES
Oil benchmarks fell around 4% on Monday following rising concerns of increased coronavirus cases.
Futures contracts on the S&P 500 Index plunged by 1.4% at the time this report.
Apple Inc, the most valuable listed company, plunged in value by 3.17% to close at $106.84.
Both crude oil benchmarks remained above the $40-mark.
U.S. West Texas Intermediate felly by 1.57%, to trade at 39.53/barrel, after gaining 4.9% yesterday.
Gold futures edged up 0.46% to trade at $1975.30
Crude oil prices are expected to recover slowly once economic activities rebound globally.
The tech-heavy Nasdaq ended its two-day losing streak, as deal activity lifted sentiment on the sector.
Australian shares also rallied higher by 0.6%, while Japan's Nikkei 225 Index gained 0.7%.
Brent lost 6.6% for the week, adding to the previous week’s drop of 5.3%.
Both oil benchmarks dropped below the $40.
The first time since March, both indexes had a drop for the fourth time in five days.