Trading in the oil market began on Monday with a decline in quotations. Investors are evaluating information from the US and Libya. The hurricane that caused the suspension of oil production in the Gulf of Mexico lost its strength. Oil producers have resumed work.
In this regard, an increase in oil supply on the market is expected. Libya announced the start of oil production at the Sharara field. At the beginning of this year, the national oil company of Libya announced a force majeure situation that does not allow the continuation of activities related to oil production.
Against the background of the expected growth in supply on the world oil market, the recovery in demand for raw materials remains in question. So far, the international community has failed to achieve success in the fight against the coronavirus pandemic. The number of infections is on the rise, which could lead to weakening economic activity and lower demand for oil.
The cost of a barrel of Brent and WTI crude oil fell by almost 1%. Brent crude oil fell to $42 43 per barrel. The price of WTI crude oil fell to $40 20 cents per barrel.