Oil Prices Falling on possible Return of Libyan Production

Oil prices fell on Monday, September 21, due to the possibility of a return to production in Libya, while increasing cases of Coronavirus fueled concerns about global demand, but a tropical storm heading towards the coast of the states on the Gulf of Mexico limited the losses.

Brent crude fell 33 cents, or 0.8%, to $ 42.82 a barrel by 06:45 GMT, while US crude fell 38 cents, or 0.9%, to $ 40.73 a barrel.

Two engineers working in the Libyan El Sharara oil field said that the workers in the main field had resumed operations after the National Oil Corporation announced a partial lifting of the status of force majeure. But it was unclear when production might resume.