Oil drops 3% as virus infections, Libyan oil output rebound

Brent dropped US$1.31, or 3.1%, to settle at $40.46 a barrel. U.S. West Texas Intermediate (WTI) fell $1.29, or 3.2%, to settle at $38.56 a barrel. Both contracts fell almost 2.5% last week. Libya's National Oil Corp (NOC) on Monday ended force majeure on the remaining facilities closed by an eight-month blockade of oil exports by eastern forces

NEW YORK: Oil prices fell more than 3% on Monday, extending last week's losses as coronavirus cases continued to surge in the United States and Europe, while Libya's rebound in crude production raised fears of oversupply.

The United States reported its highest number yet of new coronavirus infections in two days through Saturday, while in France new cases hit a record of more than 50,000 on Sunday. Italy and Spain imposed fresh restrictions to curb the virus.