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By Aaron Sheldrick
TOKYO (Reuters) – Oil fell by 3% on Monday, extending last week’s losses, as the development of COVID-19 cases in the United States and Europe generated considerations about crude oil demand, while the prospect of a higher source also damages confidence.
Brent crude down $1. 25, or 3%, to $40. 52 at 0755 GMT. The US West Texas Intermediate (WTI)But it’s not the first time It fell 1. 28 cents, or 3. 2 percent, to $38. 57 after falling more than a dollar in a while after negotiations began.
Brent fell 2. 7% during the week and WTI fell by 2. 5%.
The United States reported its number of new coronavirus infections to date in two days through Saturday, while in France, new cases hit a record high of more than 50,000 on Sunday, underscoring the severity of the epidemic.
On the source side, Libya’s National Petroleum Corporation on Friday ended its main strength over exports from two key ports and said production would succeed in 1 million barrels consistent with the day (bpd) in 4 weeks, faster than many analysts had predicted.
“The new barrels of Libyan oil come at a time when the crude oil market had just faced the sadness of the OPEC ministerial panel that recently concluded when the organization did not make new policy proposals,” said Avtar Sandu, senior director of raw materials at Phillip Futures in Singapore.
Chart: Libyan Oil Exports – https://graphics. reuters. com/LIBYA-OIL/yzdvxaqrwpx/chart. png
OPEC, a manufacturer’s organization that joins the Organization of Petroleum Exporting Countries (OPEC) and Russia, is also expected to increase production by 2 million b/d in January 2021 after cutting production to a record amount earlier this year.
Russian President Vladimir Putin indicated last week that he may agree to make further cuts to OPEC + oil production.
In the United States, energy corporations increased the number of their platforms from five to 287 in the week leading up to October 23, the highest number since May, the Baker Hughes energy company said Co. La number of platforms is an indicator of long-term supply.
Still, investors rose their net long positions in US crude oil futures. But it’s not the first time And it presents the week until October 20, the US Commodity Futures Trading Commission said Friday. But it’s not the first time
(Report via Aaron Sheldrick; edited through Richard Pullin)