Oil price dips as Libya plans output return.

Oil prices fell on Monday, September 21, 2020 by 5% on the possibility of a resumption of oil output from Libya and the rising number coronavirus cases in Europe and elsewhere.

Brent crude finally sold for $1.71, or 3.96% at $41.44 a barrel. U.S. crude sold lesser at $1.80, or 4.38% to $39.31 a barrel. Both contracts were set for their biggest daily drops in two weeks.

These added to worries of limited global demand and surplus of supply..

More than 31.3 million people have been infected by the novel coronavirus, according to recent reports from the WHO/Google. British Prime Minister, Boris Johnson on Monday considered a second national lockdown, while cases in Spain and France have also climbed.

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Libya’s Sharara field has restarted operations, as confirmed by two engineers working there for the National Oil Corporation. As the NOC announced a partial lifting of its force majeure.

But it is still unclear when full production may resume.

The renewed civil war between the United Nations backed government centred in Tripoli and the General Khalifa Haftar led in Benghazi in the East. Haftar recently agreed to the oil production resumption for NOC.

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