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تۆڕی میدیایی ئێستا
تۆڕی میدیایی ئێستا

Oil prices fall on potential return of Libyan output

2020-09-21
A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma September 15, 2015.
Photo: Nick Oxford/ Reuters
Esta - Reuters
Esta

SULAIMANI (ESTA) — Oil prices fell on Monday (September 21) as price gains were capped by the potential return of oil output in Libya and a continued rise in coronavirus cases, although a tropical storm heading for the U.S. Gulf of Mexico limited losses.

Brent crude LCOc1 was up 51 cents, or 1.18%, at $42.64 a barrel, while U.S. crude CLc1 was up 52 cents, or 1.26%, to $40.59 a barrel.

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.

More than 30.78 million people have been infected by the novel coronavirus and 954,843 have died globally, 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 U.S. appears poised for at least one more cycle in the fall and winter,” said Edward Moya, senior market analyst at OANDA, according to Reuters.

“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.”