Crude oil

Oil Prices Fall as Libya Resumes Production

WTI crude futures fell more than 2% to trade around $40.2 a barrel on Monday, amid the potential return of output from Libya.

Engineers working at Libya’s National Oil Corporation said that the company has restarted operations following the announcement of a partial lifting of force majeure.

Pressuring prices further were concerns over fuel demand recovery as the number of coronavirus cases continue to rise worldwide which led many economies to halt the easing of restrictions and consider imposing more restrictive measures.

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