2020-10-26 14:05:00
OIL PRICE: NEAR $41
REUTERS - OCTOBER 26, 2020 - 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 LCOc1 was down $1.08, or 2.6%, at $40.69 by 0934 GMT. U.S. West Texas Intermediate (WTI) dropped $1.05, or 2.6%, to $38.80. Both contracts fell almost 2.5% last week.
The United States reported its highest number yet of new coronavirus infections in two days through Saturday, while in France new cases hit a record of more than 50,000 on Sunday. Italy and Spain imposed fresh restrictions to curb the virus.
The rising number of cases “not only highlight the risks posed by immediate transport restrictions, but also dampen long-term demand expectations,” said Commerzbank analyst Eugen Weinberg.
On the supply side, Libya’s National Oil Corp (NOC) said it had lifted force majeure on the El-Feel oilfield.
NOC said on Friday Libyan production would reach 1 million barrels per day (bpd) in four weeks, a quicker ramp-up than many analysts had predicted.
“In an environment where there are renewed worries over the demand outlook, the last thing the market needs right now is additional supply,” said Warren Patterson, ING’s head of commodities strategy.
-----
Earlier:
2020, October, 22, 15:20:00
OIL PRICE: NEAR $42
Brent were up 43 cents at $42.16 a barrel, WTI ticked up 44 cents to $40.47 a barrel.
2020, October, 22, 15:15:00
OIL, GAS WILL BE HALF
In 2040, despite increasing investments in renewables and concerns with emissions, oil and gas are still projected to make up about 50 percent of the global energy mix. This is a view held by major third-party sources.
2020, October, 21, 17:10:00
OIL PRICE: ABOVE $42
Brent were at $42.44 a barrel, WTI slipped 73 cents, or 1.75%, to $40.97.
2020, October, 20, 15:45:00
OIL PRICE: NOT ABOVE $43 AGAIN
Brent were trading flat at $42.62 a barrel, WTI rose 5 cents, or 0.1%, to $40.88.
2020, October, 19, 14:50:00
OIL PRICE: NOT ABOVE $43 ANEW
Brent was down 30 cents, or 0.7%, to $42.63 a barrel, WTI was down 28 cents, or 0.7%, at $40.60.
2020, October, 19, 14:45:00
GLOBAL OIL DEMAND PEAK: 2040
"We see oil demand peaking in around 2040 as a result of a slowing economy, together with less fuel demand for cars, aircraft and ships."
2020, October, 1, 13:50:00
OIL PRICE: NEAR $42 ANEW
Brent fell 17, or 0.4%, to $42.13 a barrel, WTI were down 22 cents, or 0.6%, at $40.
