Oil prices fell on Monday, extending last week’s losses, as increasing coronavirus cases in the United States and Europe raised worries about energy demand, while Libya’s fast growing production also weighed on prices.

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Oil prices slipped on Friday, though they held onto most of the gains from the previous session, after Russian President Vladimir Putin indicated he was prepared to extend record supply as cases of COVID-19 surge in the United States and Europe. ›

Oil prices struggled on Thursday after heavy losses overnight, with a build in U.S. gasoline inventories pointing to a deteriorating outlook for fuel demand as coronavirus cases soar in North America and Europe.

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Oil prices were little changed on Tuesday, steadying after three days of declines due to worries that a resurgence of coronavirus cases globally is stifling a recovery in fuel demand, while growing output from Libya adds to plentiful supply.

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British wholesale gas prices were slightly higher on Friday morning due to low wind output and oversupply. ›

Oil prices slid on Friday, dragged down by concerns that a spike in COVID-19 cases in Europe and the United States is curtailing demand in two of the world’s biggest fuel consuming regions, while a stronger U.S. dollar also added to pressure. ›

Oil prices fell on Thursday, paring gains from earlier in the session, as a resurgence in COVID-19 infections across the globe underpinned concerns over economic growth and a recovery in fuel demand. ›

The October 2020 edition of the Energy Services newsletter is now available! ›

Oil prices rose on Tuesday, recovering some ground from falls of nearly 3% in the previous session, drawing support from robust China data, although concerns about supply resumption in Norway, the U.S. Gulf of Mexico and Libya still weighed on the market.

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Oil prices dropped 1% for a second straight session on Monday as U.S. producers began restoring output post-Hurricane Delta, and after a labour strike affecting Norwegian production came to an end.

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