Oil fell more than 2% on Monday, extending last week\u2019s losses as growing cases of Covid-19 in the United States and Europe raised worries about crude demand, while the prospect of increased supply also hurt sentiment.<\/p>\n
Brent crude was down 89 cents, or 2.1%, at $40.88 US West Texas Intermediate dropped 89 cents, or 2.2%, to $38.96, having fallen more than a dollar shortly after the start of trading, CNBC reported.<\/p>\n
Brent fell 2.7% last week and WTI dropped 2.5%.<\/p>\n
The United States reported its highest number yet of new coronavirus infections in two days through Saturday, while in France new cases hit a record of more than 50,000 on Sunday, underlining the severity of the outbreak.<\/p>\n
On the supply side, Libya\u2019s National Oil Corp on Friday ended its force majeure on exports from two key ports and said production would reach 1 million barrels per day in four weeks, a quicker ramp-up than many analysts had predicted.<\/p>\n
\u201cNew barrels of Libyan oil come at a time when the crude oil market had just faced disappointment from the recently concluded OPEC+ ministerial panel when the organization made no new policy proposals,\u201d said Avtar Sandu, senior manager commodities at Phillip Futures in Singapore.<\/p>\n
OPEC+, a grouping of producers including OPEC and Russia, is also set to increase output by 2 million bpd in January 2021 after cutting production by a record amount earlier this year.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil fell more than 2% on Monday, extending last week\u2019s losses as growing cases of Covid-19 in the United States and Europe raised worries about crude demand, while the prospect of increased supply also hurt sentiment. Brent crude was down 89 cents, or 2.1%, at $40.88 US West Texas Intermediate dropped 89 cents, or 2.2%, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[296,118,1093,1069,966,698,252,28,639,178,56,84,177,27,638],"yoast_head":"\n