COM - Oil drops on virus resurgence Libyan crude rebound

Crude oil (CL1:COM) fell more than 3% as coronavirus cases continue to surge in the U.S., European countries including Italy and Spain impose fresh restrictions to curb the virus, and the rebound in Libyan production could undermine efforts to chip away at a global glut of crude.WTI crude closed -3.2% to $38.56/bbl while Brent settled -3.1% to $40.46/bbl, after both contracts fell nearly 2.5% last week."It's a dark Monday in the oil market," says Rystad Energy head of oil markets Bjornar Tonhaugen. "We have long warned that a second wave of strict coronavirus restriction measures could be re-imposed, and it's now happening for real."The measures are set to crimp demand for gasoline and other fuels, says Emily Ashford, energy analyst at Standard Chartered Bank, which estimates the world will consume 9.6M fewer bbl/day of oil in 2020 than in 2019, a ~10% decline.Meanwhile, Libya's National Oil Corp. today ended force

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Oil drops on virus resurgence, Libyan crude rebound