Oil prices drop on prospect of returning Libyan supplies - Reuters

Oil prices drop on prospect of returning Libyan supplies - Reuters:

Oil prices slipped on Tuesday amid rising COVID-19 cases and a possible return of Libyan oil production, which has been down to a trickle since the start of the year.

The more-active September contract for Brent LCOc2 fell 22 cents, or 0.5%, to $41.63 a barrel by 0832 GMT, paring Monday’s 92 cent gain. The August contract LCOc1, which expires on Tuesday, fell 26 cents to $41.45.

U.S. crude CLc1 was down 27 cents, or 0.7%, at $39.43 a barrel.

“Attempts to push prices higher are capped by growing concerns about the second cycle of the coronavirus or the inability to contain the current one,” Tamas Varga of oil brokerage PVM said.