Oil futures mark lowest settlement in over 3 weeks

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Oil futures declined Monday with U.S. prices settling at their lowest in just over three weeks. “The oil market is sensitive to the perceptions about global demand, and the sharp rise in Covid-19 cases in Europe and the U.S. has spooked traders,” said David Madden, market analyst at CMC Markets UK. “The deterioration in the health situation comes at a time when Libya is in the process of upping oil production…which is putting extra pressure on oil.” The Organization of the Petroleum Exporting Countries’ Secretary General Mohammad Barkindo on Monday said during the virtual India Energy Forum by CERAWeek that economic growth and demand recovery remain “anaemic,” according to a report from Reuters. December West Texas Intermediate crude fell $1.29, or 3.2%, to settle at $38.56 a barrel on the New York Mercantile Exchange. Based on the front-month contract, the U.S. benchmark contract marked its lowest finish since Oct. 2, according to Dow Jones Market Data.
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