Benchmark crude prices lost 5-6% during trading on Monday amid concerns over a resumption of production in eastern Libya, which could exacerbate oversupply.
Libyan National Oil Corp. reported the resumption of production in the east of the country after the commander of the Libyan National Army (LNA) Khalif Haftar announced the lifting of an eight-month blockade of oil fields and ports as a result of reaching an agreement with the government in Tripoli, Dow Jones reported.
The Wall Street Journal, citing Libyan officials, reports that production in the country will grow by 220,000 barrels per day starting Thursday.
Investors also continue to monitor data on the spread of coronavirus in the world.
The cost of November futures for Brent oil on the London ICE Futures exchange by 18:40 Moscow time on Monday is $ 41.02 per barrel, which is $ 2.13 (4.94%) below the price at the close of the previous session.
The price of futures for WTI crude oil for October at the New York Mercantile Exchange (NYMEX) trading by this time fell by $ 2.4 (5.84%) – to $ 38.71 per barrel.