Oil prices fell about 3% 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 fell $1.21, or 2.8%, to $41.64 a barrel by 11:52 a.m. EDT (1552 GMT) and U.S. West Texas Intermediate was down $1.23, or 3%, at $39.37.
“Renewed post hurricane production in the Gulf of Mexico, an apparent restart over the weekend of Libya’s largest oil field and today’s strength in the U.S. dollar increase the possibility of a WTI downswing back to the early October lows,” said Jim Ritterbusch, president of Ritterbusch and Associates.
