Friday, November 29, 2024
Oil drops on rising virus cases, increasing Libyan output- oil and gas 360

Oil drops on rising virus cases, increasing Libyan output

Reuters LONDON – Oil prices fell on Monday, extending last week’s losses, as increasing coronavirus cases in the United States and Europe raised worries about energy demand, while Libya’s fast growing production also weighed on prices. Brent was down 88 cents, or 2.1%, at $40.89 by 1306 GMT. U.S. West Texas Intermediate (WTI) dropped 92 cents, or 2.3%, to $38.93.