Oil prices continue to decline

Oil prices continue to decline

Oil prices continue to decline

Oil prices fell on Monday amid continued uncertainty about the outlook for demand amid signals of increased production in Libya.

Libya has almost tripled its oil production – to 250 thousand barrels per day (b / d) – after lifting the blockade from a number of oil fields, Bloomberg reported, citing informed sources. According to them, ships are assembled in local ports, which are loaded with oil from storage facilities, which frees up reserve tanks with a view to further growth in production.

“The structure of the oil market at the moment indicates a bearish trend,” says an economist at Oversea-Chinese Banking Corp. in Singapore Howie Lee.

Major countries are considering returning restrictions on tourism, and this is the main catalyst for lowering oil prices, Lee said.

The cost of November futures for Brent oil on the London ICE Futures exchange by 8:10 Moscow time on Monday is $ 41.64 per barrel, which is $ 0.28 (0.67%) below the price at the close of the previous session. As a result of trading on Friday, these contracts fell by $ 0.02 (0.05%).

The price of futures for WTI crude oil for November in electronic trading of the New York Mercantile Exchange (NYMEX) by this time is $ 39.93 per barrel, which is $ 0.32 (0.8%) below the level of the previous session. On Friday, futures fell $ 0.06 (0.2%).

Last week Brent fell 2.9%, WTI – 2.6%.

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