After rising to $43.00/bbl in early October, Brent crude dropped to $37.50/bbl by month-end, the lowest level since May, due to a second Covid-19 wave damaging demand.

GBP was unsettled against USD in October due to uncertainty over progress in UK/EU Brexit negotiations, trading between 1.282 – 1.316, before ending the month at 1.294.

Oil majors including BP, Exxon, Chevron and Canada’s Cenovus Energy each announced job cuts and refinery closures in October as the market outlook remains bleak.