Oil prices slipped slightly on Monday amid concerns about a stalled global economic recovery and with Libya poised to resume production, and failed to get support from an impending storm which has disrupted US oil output. Brent crude LCOc1 was down $0.35, or 0.9%, at $39.48 a barrel while US West Texas Intermediate (WTI) crude futures CLc1 were down $0.26, or 0.3%, at $37.07 a barrel by 1522 GMT. Both contracts ended last week lower, falling for a second week in a row. “The storm is taking production offline in the Gulf of Mexico, and the market doesn’t care - that shows just how bad the situation is,” said Bob Yawger, Director of Energy Futures for Mizuho in New York. Tropical Storm Sally gained in strength in the Gulf of Mexico, west of Florida, on Sunday and was poised to become a category-2 hurricane. The storm is disrupting oil production for the second time in less than a month after Hurricane Laura swept through the region.
Published in The Express Tribune, September 15th, 2020.
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