New York oil prices fall below $39, the worsening epidemic and the restoration of Libyan supplies hit market confidence
There is a surge in new crown cases in the United States and Europe, and Washington finalizes before the election The prospect of the stimulus plan has gradually weakened, and driven by the steady recovery of Libyan oil supplies, oil prices have fallen for the second consecutive day.
New York futures prices fell 2.6% to below $39 per barrel. The United States reported a new record for the second day in a row, Italy approved a partial blockade, and Spain announced a national curfew. At the same time, the stock market fell and investors speculated that it would be difficult for Congress to reach an economic stimulus agreement soon.
While the demand outlook is deteriorating, Libya is trying to double production. The country is recovering from production at the last major oil field in the period, and its output may exceed 1 million barrels per day in a few weeks.
More than six months after the oil price crash caused by the new crown epidemic, the second wave of the epidemic is threatening to further decline in demand. The Minister of Energy of Saudi Arabia said at a meeting on Monday that despite the strong recovery in recent months, the oil market has not yet out of its predicament. Currently, demand in Asia remains good, but as the epidemic spreads, concerns about demand in other parts of the world have increased.
“Weak demand is undoubtedly the biggest concern and problem in the market,” said Bjarne Schieldrop, chief commodity analyst at SEB AB. “Even if Libyan oil returns to the market, the supply will still be reasonably controlled.”
At 9:05 am New York time, the price of West Texas Intermediate futures for December delivery fell 2.6% to 38.81 per barrel. Dollar.
Brent crude oil fell 2.1% in the same month to US$40.90.
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