Oil prices slip on potential Libyan oil return; Gulf storm supports

Oil prices fell on Monday on the potential return of oil output from Libya even as rising coronavirus cases add to worries about global demand, although losses were limited as a new tropical storm heads for the U.S. Gulf of Mexico.

Brent crude was down 20 cents, or 0.5%, at $42.95 a barrel by 0039 GMT, while U.S. crude fell by 27 cents, or 0.7%, to $40.84 a barrel.

Libya’s National Oil Corp (NOC) lifted force majeure on what it deemed secure oil ports and facilities on Saturday, but said the measure would remain in place for facilities where fighters remain.