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Crude Oil Prices Dip on Demand Concern

Oil traded near multi-month lows on Monday, amid concerns about deteriorating demand on the back of excess supply.

According to British Petroleum’s latest long-term energy outlook, global fuel demand may have already peaked as the COVID-19 pandemic kicks the world economy onto a weaker growth trajectory and accelerates the shift to cleaner fuels.

At the same time, Reuters reported that commander Khalifa Haftar in Libya committed to ending a months-long blockade of oil facilities, a move that would add more supplies to the market.

Meantime, oil production in the US Gulf of Mexico could disrupt for the second time in less than a month as Tropical Storm Sally gained strength Sunday and was poised to become a hurricane strength on Monday and Tuesday.

At around 04:30 AM GMT, WTI was at crude $37.56 a barrel while Brent crude stood at $39.95 a barrel.

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