Oil prices fell more than 1 percent on Monday amid fears of oversupply, as Libya reopened its biggest oilfield, an oil worker strike in Norway ended and U.S. producers began restoring output after Hurricane Delta.

Benchmark Brent crude dropped 54 cents, or 1.3 percent, to $42.31 a barrel while U.S. West Texas Intermediate crude futures were down 60 cents, or 1.4 percent, at $40.04.

Production in Libya is expected to rise to 355,000 barrels per day after force majeure at the Al Sharara oil field located southwestern the country was lifted on Sunday, following an agreement with the Petroleum Facilities Guard (PFG).

Analysts said the likelihood of more Libyan exports will pose a challenge to Opec+ producers and their efforts to curb global supplies at a time of weak demand recovery.

Norwegian oil firms struck a deal with labor union officials on Friday, bringing an end to a strike that threatened to cut the country’s oil and gas output by close to 25 percent.

Meanwhile, U.S. producers began restoring output after Hurricane Delta was downgraded to a post-tropical cyclone at the weekend.

Oil prices are also declining due to concerns that a jump in new covid-19 cases and renewed lockdown restrictions could slow the economic recovery.

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.