Oil prices fall as supply concerns ease | Reuters

Oil prices fall as supply concerns ease | Reuters:

Oil prices fell on Monday as force majeure at Libya’s largest oilfield was lifted, a Norwegian strike affecting production ended and U.S. producers began restoring output after Hurricane Delta. 

Brent crude LCOc1 was down 41 cents to $42.44 a barrel by 0650 GMT and U.S. West Texas Intermediate CLc1 was at $40.18, down 42 cents.

“It’s all about ending production disruptions ... (which) are not helpful in a period with ongoing demand concerns,” UBS oil analyst Giovanni Staunovo said.

Production in Libya, a member of the Organization of the Petroleum Exporting Countries (OPEC), is expected to rise to 355,000 barrels per day (bpd) after force majeure at the Sharara oilfield was lifted on Sunday.