Oil prices fall on rising Covid-19 cases, Libya's fast growing production

On the supply side, Libya's National Oil Corp (NOC) said it had lifted force majeure on the El-Feel oilfield.

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.

Brent was down 80 cents, or 1.9 per cent, at $40.97 by 1121 GMT. U.S. West Texas Intermediate (WTI) dropped 82 cents, or 2.1 per cent, to $39.03. Both contracts fell almost 2.5 per cent last week.

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