Oil prices drops as the virus rebounds and Libya rises production
Shafaq News / Oil prices dropped today, Monday, affected by the rise in Libyan production and the restrictions that countries have followed regarding the Corona virus.
Oil fell this month, after briefly rising above $ 43 in late August with signs that countries will back to more lockdown measures due to the pandemic.
Libya's production almost tripled to 250,000 barrels per day, with production expanding further as ships docked and crude oil was loaded from storage tanks, allowing fields to pump more.
On Sunday, Russian Energy Minister Alexander Novak said "the recovery will be long and gradual, estimating that global oil demand in 2020 will drop by up to 10% from the previous year."
As for prices, West Texas Intermediate for November delivery lost 0.41 cents, or 1.02%, to $ 39.84 a barrel on The New York Mercantile Exchange after dropping 2.1% last week.
Brent crude for November loading also fell by 44 cents, or 1.04%, to $ 41.98 on the ICE Futures Exchange, after dropping 2 cents on Friday.
OPEC + also began adding more supplies to the market in August, and increased production from Libya - exempt from cuts - could put further pressure on the fragile recovery.
