Benchmark oil prices began to rise during Monday's trading.
The cost of November futures for Brent oil on the London ICE Futures exchange by 13:52 Moscow time on Monday is $ 42.17 per barrel, which is $ 0.25 (0.6%) higher than the price at the close of the previous session.
The price of futures for WTI crude oil for November in electronic trading on the New York Mercantile Exchange (NYMEX) by this time rose by $ 0.28 (0.7%) – to $ 40.53 per barrel.
Earlier in the course of trading, both contracts fell in price. The pressure on the market was exerted by concerns about demand due to the continued spread of the coronavirus in the world, as well as reports of an increase in 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.
Meanwhile, oil and gas production in Norway could drop more than 20%, Bloomberg reported, if companies do not sign pay agreements with unions this week to avoid strikes.
Russian Energy Minister Alexander Novak said that the balance in the oil market has now been achieved, but the energy ministers of the G20 countries advocate the need to coordinate their actions to balance the market in the event of a worsening situation with a drop in demand due to a pandemic. The G20 Energy Ministers meet on Monday and Tuesday.