Oil futures fell Monday, sending U.S. prices down by more than 4%, on expectations Libyan crude will soon return to the market, while worries over a rise in European COVID-19 cases and a global equity market selloff added to the negative tone.
“Oil prices are lower on turmoil, whether it be from mother nature or politics,” said Phil Flynn, senior market analyst at The Price Futures Group.
The return of Libya oil is weighing on prices, along with fears of more COVID-19 shutdowns, while concerns over “increasing political divides after the death of Supreme Court Justice Ruth Bader Ginsburg reduces the odds that the U.S. will get much-needed coronavirus relief,” he said in a note.
“Even mother nature is creating problems for oil,” he said. Tropical Storm Beta is forecast to move toward the central coast of Texas and inland by late Monday, according to a morning update from the