OIH - Oil slides as Libya lifts force majeure at largest oil field GoM output resumes

Crude oil prices tumble (CL1:COM) as Libya lifted force majeure at its largest oilfield, producers began restoring output in the Gulf of Mexico after Hurricane Delta and a Norwegian strike affecting production ended.November WTI -3.2% to $39.29/bbl; December Brent -2.9% to $41.62/bbl.Production in Libya is expected to rise to 355K bbl/day after force majeure at the Sharara oilfield was lifted yesterday."If oil demand recovery continues to struggle due to new or stricter COVID-related mitigation measures, [OPEC+] may need to reconsider the planned tapering of their voluntary supply cuts," says BNP Paribas analyst Harry Tchilinguirian.And with the passing of the hurricane and the resolution of the strike in Norway, "investors are more concerned about the higher output in the face of subdued demand," says Mihir Kapadia, chief executive of Sun Global Investments.ETFs: [[USO]], [[XLE]], [[UCO]], [[XOP]], [[VDE]], [[GUSH]], [[OIH]], [[BGR]], [[ERX]], [[BNO]]

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Oil slides as Libya lifts force majeure at largest oil field, GoM output resumes