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Oil prices plunge amid fears over demand

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Oil prices plunged on Monday as new containment measures are discussed in several countries, and markets react to the announcement of Libyan oil back in the market.

At 5:25 pm CET time, WTI’s US barrel for October was on $38.9, down 5.45% from Friday. Brent crude oil price from the North Sea for delivery in November dropped at the same time in London 4.50% to 41.21 dollars.

Oil prices “are collapsing as we in Europe seem ready to consider new containment measures and Libya has restarted its oil production,” Oil analyst Edward Moya says.

The Libyan National Petroleum Company (NOC) in fact announced on Saturday the resumption of its oil production and export. It comes a day after the announcement by Libyan warlord Khalifa Haftar’s that his militia will let oil-production resume after an eight-month long blockade in the south of the country.

At the same time, fears about the demand for crude oil are reviving as several countries are tempted to reinstate coronavirus containment measures.

This is the case, for example, in the United Kingdom, which is facing a “second wave” of Covid-19, while local lockdowns are affecting nearly a million inhabitants in the Madrid region since Monday. The situation is also worrying in Belgium, France and Lebanon.

Israel is the first country to have re-instated a complete second re-confinement throughout the country, which will last for at least three weeks.

The Brussels Times

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