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Oil drops further as Libyan output expected to increase

The Address | Benghazi – Libya

LIBYA – Oil on Friday retreated as a further increase in Libyan output threatens to return more supply to a market that is already grappling with a slump in demand caused by the COVID-19 pandemic.

West Texas Intermediate for December delivery slid 1.94 percent to settle at US$39.78 a barrel. It was down 2.69 percent for the week, as a resurgence of COVID-19 infections spurred governments around the world to renew tighter lockdown restrictions.

Brent crude for December delivery fell 1.63 percent to US$41.77 a barrel, losing 2.7 percent from a week earlier.

Libya lifted force majeure on its Ras Lanuf and Es Sider ports, and oil output is set to surpass 1 million barrels a day in four weeks, the Libyan National Oil Corp said.

The announcement came as prospects for more Libyan output increased following the signing of a permanent ceasefire agreement.

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