Thu. Oct 22nd, 2020

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Oil extends losses

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Oil prices low #fxtriangle

Oil prices extended losses on Wednesday on worries that rising coronavirus cases heading into the northern winter would lead to further restrictions on activity and curb demand for fuel.

Brent crude dropped 48 cents, or 1.2%, to $40.55 per barrel by 0356 GMT. West Texas Intermediate fell 33 cents, or 0.8%, to $38.96.

The benchmarks fell more than 3% on Tuesday as global Covid-19 cases passed 1 million, having doubled in three months.

“The resurgence in Covid-19 cases more recently in some regions, is clearly not great for market sentiment,” ING Economics said in a note.

“Whilst demand is an issue for the market, the supply side of the equation is not helping either,” ING said.

Libya’s Sarir oilfield, which was producing more than 300,000 barrels per day last year, restarted output after eastern forces lifted an eight-month blockade on energy facilities.

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