Oil edged lower on Monday, weighed by concerns over surging coronavirus cases globally and by Libya’s plan to boost output, but hopes for a U.S. fiscal package lent some support.
Analysts also focused on an OPEC+ ministerial monitoring committee meeting on Monday. Russian Energy Minister Alexander Novak said the committee recommended sticking in full to the group’s global deal to reduce oil production.
Brent crude futures fell 31 cents to settle at $42.62 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 5 cents to settle at $40.83 a barrel.
Saudi Arabia, the biggest member of the Organization of the Petroleum Exporting Countries, said no one should doubt the group’s commitment to providing support, while three sources from producing countries said a planned output increase from January could be reversed if necessary.
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