Oil prices fall as Libya to begin output; Gulf rigs halt production due to storms
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SINGAPORE - Oil prices fell on Monday on the potential return of oil output from Libya even as rising coronavirus cases add to worries about global demand, although losses were limited as a new tropical storm heads for the U.S. Gulf of Mexico.
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Brent crude LCOc1 was down 20 cents, or 0.5%, at $42.95 a barrel by 0039 GMT, while U.S. crude CLc1 fell by 27 cents, or 0.7%, to $40.84 a barrel.
TROPICAL STORM SALLY FORCES OIL COMPANIES TO IDLE PRODUCTION IN GULF OF MEXICO
Libya’s National Oil Corp (NOC) lifted force majeure on what it deemed secure oil ports and facilities on Saturday, but said the measure would remain in place for facilities where fighters remain.