Oil prices slide on swelling Libya output, coronavirus infections
NEW YORK (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 was down 59 cents, or 1.4%, at $42.94 a barrel as of 1:27 p.m. ET (1827 GMT). U.S. West Texas Intermediate (WTI) crude futures fell 81 cents, or 2%, to $40.31 a barrel.
For the week, both were headed for a rise 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.
