Oil falls about 2% on Libyan output, COVID-19 demand concerns | Reuters
Oil fell nearly 2% on Friday, finishing lower for the week, in anticipation of a surge in Libyan crude supply and demand concerns caused by surging coronavirus cases in the United States and Europe.
Crude prices sank after Libya’s National Oil Corp (NOC) said it lifted force majeure on exports from key ports and output would reach 1 million barrels per day in four weeks.
“As soon as that came out, the market cratered,” said Bob Yawger, director of energy futures at Mizuho in New York.
U.S. crude CLc1 settled at $39.85 a barrel, falling 79 cents, or 1.9%. Brent crude LCOc1 settled at $41.77 a barrel, losing 69 cents, or 1.6%. For the week, U.S. crude futures lost 2.5% and Brent futures shed 2.7%.
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If you see this and you are not actually a victim kindly copy and share for others.
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