Oil: Prices finished lower last week in anticipation of a surge in Libya’s crude supply and concerns about rising coronavirus cases in the US and Europe. Crude prices sank after Libya’s National Oil Corp said it lifted force majeure on exports from key ports and output would reach 1 million b/d in four weeks. In New York, futures settled at $39.85 a barrel, and Brent crude settled at $41.77. For the week, US crude futures lost 2.5 percent, and Brent dropped 2.7 percent.
Oil: Futures posted a small weekly gain on signs that demand is picking up in China even as a new wave of coronavirus infections casts a shadow over the global market. Brent futures settled at $42.93 a barrel, up 0.2 percent for the week, and New York futures settled at $40.88 a barrel. A panel of officials from OPEC+ discussed their worst-case scenario during a virtual monthly meeting on Thursday. The cartel fears a prolonged second wave of the pandemic, and a jump in Libyan output could push the oil market into surplus for much of 2021, a gloomier outlook than just a month ago.
Oil: Prices gained 9 percent last week, settling at $42.85 in London and $40.60 in New York — the first increase in three weeks and the biggest weekly rise for Brent since June. Futures climbed earlier last week due to concerns about the strike in Norway and hurricane Delta headed for the US Gulf Coast. Norwegian oil firms struck a bargain with labor on Friday, ending a 10-day strike that had threatened to cut the country’s oil and gas output
Oil fell last week in New York to $37.05 and Brent plummeted to $39.27, after President Trump’s positive Covid-19 diagnosis combined with labor market weakness led to heightened concerns over an economic recovery. The coronavirus is resurgent again in Europe and hasn’t been brought under control in big economies such as India, leading to forecasters scaling back their estimates for when oil demand will get back to pre-virus levels. Concerns are increasing that global crude supplies and demand could again fall more out of balance.