Oil falls on rising Libya output, coronavirus surge | Reuters
Oil prices fell about 2% on Friday, pressured by swelling output from Libya and fears that rising coronavirus infections may slow the recovery in the global economy and fuel demand.
Hopes for a vaccine kept crude futures on track for a second straight weekly gain.
Brent crude LCOc1 fell 75 cents, or 1.7%, to settle at $42.78 a barrel. U.S. West Texas Intermediate (WTI) crude futures CLc1 fell 99 cents, or 2.4%, to end the session at $40.13 a barrel. For the week, both notched gains of more than 8%.
Libyan oil production has risen to 1.2 million barrels per day (bpd), a Libyan oil source told Reuters, up from the 1.0 million bpd reported on Nov. 7 by the country’s National Oil Corp.
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