Oil prices declined on Monday, extending the losses sustained last week after the resurgent of the coronavirus pandemic in the U.S. and Europe and Libya’s growing production, according to Reuters. Rising coronavirus cases dampening long-term demand expectations while supply has been raised by Libyan lifting of force majeure on El-Fell oilfield.
Libyan oil production would reach 1 million barrels per day (BPD) in the coming weeks, more than what the analysts predicted-Libya’s National Oil Corp (NOC)
OPEC and allies including Russia to increase output by 2 million bpd in January 2021 after production cuts earlier in the year.
Oil broker PVM’s Tamas Varga has warned that OPEC and allies must not be careless and should address the issue of extra barrels appearing in the market, otherwise, it could end the days of stable oil prices.
Investors raised their net long positions in U.S. crude futures and options during the week through October 20-U.S. Commodity Futures Trading Commission
Oil futures are declining. Crude Oil WTI is down 2.48%
Demand Uncertainties and Libyan Production Dampening Oil Prices
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