Crude oil prices drop on prospect of returning Libyan supplies
LONDON: 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 fell 22 cents, or 0.5 per cent, to $41.63 a barrel by 0832 GMT, paring Monday’s 92 cent gain. The August contract, which expires on Tuesday, fell 26 cents to $41.45.
US crude was down 27 cents, or 0.7 per cent, 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.
