Brent, WTI Prices Slip

Brent, WTI Prices SlipBrent, WTI Prices Slip

Oil prices fell on Monday on the potential return of output from Libya as rising coronavirus cases also added to worries about global demand, although a tropical storm heading for the US Gulf of Mexico limited losses.
Brent crude was down 33 cents, or 0.8%, at $42.82 a barrel, while US crude was down 38 cents, or 0.9%, to $40.73 a barrel, CNBC reported.
Workers at Libya’s major Sharara field have restarted operations, two engineers working there said, after National Oil Corporation announced a partial lifting of force majeure. But it was still unclear when production might restart.
“The market can ill afford more crude hitting the market,” ANZ analysts said in a note on Monday, at a time when coronavirus-related curbs have eroded demand.
More than 30.78 million people have been infected by the novel coronavirus and 954,843 have died globally, a Reuters tally shows, paralyzing travel and business activity.
“It is hard to get excited about a pickup in crude demand as the virus is surging in France, Spain, and the UK, along with concerns the US appears poised for at least one more cycle in the fall and winter,” said Edward Moya, senior market analyst at OANDA.
 “Even if energy markets don’t see Libyan production return or if hurricane season eases, oil prices can’t shake off the dwindling demand outlook.”

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