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:

• Europe reports another day of big COVID numbers

And Sunday is worse:

• France is preparing for a fresh lockdown as new daily confirmed coronavirus cases surge to highest ever

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.