Crude Oil decline on concerns that growing coronavirus cases in addition to diminishing prospects for a US stimulus deal before the election will crimp the demand recovery. Futures in New York declined as much as 3.9pc to below USD 39 per barrel on Monday, the lowest in three weeks. Failure to agree on another round of US virus aid already has all but quenched prospects of a deal getting passed before the election. At the same time, Europe took a pace closer to the strict rules it imposed during the initial wave of the coronavirus pandemic, while the US added the newest cases since July last week.

At the same time, Europe took a step closer to the strict rules it imposed during the initial wave of the pandemic, while the US added the freshest cases since July last week. New threats to a rebound in oil demand coincide with the continued return of Libyan output, which has risen to 690,000 barrels a day from less than 1,00,000 in early September.

The country is poised to pick up the last of its major oil fields following a cease-fire in its civil war and will improve exports of crude from its biggest field to over 168,000 barrels a day coming month. It looks like a deal’s not going to occur prior to the election, given that the election’s right around the corner, while the Covid numbers look worse and worse said Michael Lynch, president of Strategic Energy&Economic Research. That is making people think at least some economic slowdown is going to occur, weighing on crude prices.

Petrol-diesel prices change today, Know new rates