Oil prices extend losses on surge in Covid cases, increasing Libyan output
LONDON (Reuters) – Oil prices fell on Monday, extending last week’s losses, as increasing coronavirus cases in the United States and Europe raised worries about energy demand, while Libya’s fast growing production also weighed on prices.
Brent was down $1, or 2.4%, at $40.77 by 0905 GMT. U.S. West Texas Intermediate (WTI) dropped $1.01, or 2.5%, to $38.84. Both contracts fell almost 2.5% last week.
The United States reported its highest number yet of new coronavirus infections in two days through Saturday, while in France new cases hit a record of more than 50,000 on Sunday. Italy and Spain imposed fresh restrictions to curb the virus.
