Oil prices fell more than 2 percent on Monday to extend losses from the previous week, as a record rise in coronavirus cases in the United States and parts of Europe raised worries about crude demand.
The prospect of increased supply, a lack of progress on a U.S. stimulus package and widespread uncertainty over what the U.S. presidential election will portend for markets also kept investors nervous.
Benchmark Brent crude fell 2.4 percent to $41.08 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 2.6 percent at $38.80. Brent dropped 2.7 percent last week while WTI gave up 2.5 percent.
U.S. coronavirus infections hit a record for the second day and new coronavirus cases in France hit a record of more than 50,000 on Sunday, underlining the severity of the outbreak.
Spain announced emergency measures including a nationwide curfew, while Italy imposed at least a month of new restrictions across the country to fight rising coronavirus infections.
“The next few months are going to be very tough and some countries are on a dangerous track,” WHO Director-General Tedros Adhanom Ghebreyesus told a news conference on Friday.
On the supply side, Libya’s state-owned National Oil Corp on Friday lifted its force majeure on exports from two key ports, following high-level agreements on a ceasefire in the country.
The company expects that production would reach 1 million barrels per day (bpd) in four weeks, a quicker ramp-up than many analysts had predicted.
OPEC and its allies are also scheduled to increase production by 2 million barrels per day from January, but it remains to be seen whether the group will go ahead and increase output.
The material has been provided by InstaForex Company – www.instaforex.com
🚀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.