Oil fell nearly 2 per cent 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.
US crude settled at $39.85 a barrel, falling 79 cents, or 1.9 per cent. Brent crude settled at $41.77 a barrel, losing 69 cents, or 1.6 per cent. For the week, US crude futures lost 2.5 per cent and Brent futures shed 2.7 per cent.
