Crude Oil Brent (F) Futures Market News and Commentary
Dec WTI crude oil (CLZ20) on Monday closed down -1.29 (-3.24%), Dec Brent crude oil (CBZ20) closed down -1.31 (-3.14%), and Dec RBOB gasoline (RBZ20) closed down -0.0301 (-2.67%).
The energy complex on Monday tumbled to 3-week lows. Crude oil prices were undercut Monday by a strong dollar, ramped-up crude production in Libya, rising global Covid infections, and the slow progress of U.S. pandemic stimulus talks.
Ramped-up crude output in Libya is a major bearish factor for crude prices. Libya's National Oil Corp. (NOC) lifted force majeure on exports from its El Feel oil field on Monday and said Libyan crude production might climb to 1.0 million bpd within a month. Libya's NOC said Monday that the action Monday marks "the end of closures at all Libyan oil fields and ports." Libya's crude production has risen to 690,000 bpd from less than 100,000 bpd in early September. Libya holds Africa's largest oil reserves, but due to the recent civil war, it has been exempted from... Read more