Oil prices fell more than 3% on Monday, continuing the negative trend last week due to the increase in the number of Covid-19 infections, while the resumption of crude oil production in Libya has heightened concerns over the oversupply, Reuters reports.
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The United States reported the highest number of new coronavirus infections in two days, starting Saturday, while in France the number of new cases hit a record high of more than 50,000 cases on Sunday and the majority were registered on Monday. new hospitalizations for Covid-19 after April 2. Italy and Spain have imposed new restrictions to keep the virus under control, informs News.ro.
“It’s a dark Monday in the oil market,” said Bjornar Tonhaugen, director of oil markets at Rystad Energy.
“We have long warned that severe restrictions may be imposed on a second wave of coronavirus, and it is indeed happening,” he added.
Brent crude oil prices closed 3.1 percent lower at $ 40.46 a barrel.
West Texas Intermediate (WTI) oil prices fell 3.2% to $ 38.56 a barrel. Both contracts fell nearly 2.5% last week.
In Libya, the National Oil Corp (NOC) announced on Monday that it had lifted the situation of force majeure at the last production units closed by an eight-month blockade of the country’s eastern forces on oil exports.