Crude Oil price edged higher in New York as the dollar weakened, although rising Libyan production and fading expectation for fresh United State’s stimulus pointed to a bearish outlook for the market.
Futures rose 0.8 percent after falling below USD39 a barrel on Monday, with a weaker dollar boosting the appeal of commodities priced in the currency. Libya is set to resume the last of its major oil fields following a cease-fire in its civil war, moving the nation a step closer to boosting output to one million barrels a day. Meanwhile, the lack of an imminent US stimulus agreement raised concerns on legislation being written and signed into law prior to the election next week, with the nation facing a renewed rsie in COVID-19 cases.
While Asia remains a bright spot for international oil demand, a renewed rise in virus cases across the United states and Europe is raising concerns the fragile recovery in consumption will be derailed. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Monday that the worst was over for the market but urged OPEC allies to stay vigilant and stick to its agreed production cuts.
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