Picture used for illustrative purpose. File
Oil prices fell on Monday on the potential return of output from Libya as rising coronavirus cases also added to worries about global demand, although a tropical storm heading for the US Gulf of Mexico limited losses.
Brent crude was down 33 cents, or 0.8%, at $42.82 a barrel by 0645 GMT, while US crude was down 38 cents, or 0.9%, to $40.73 a barrel.
Workers at Libya's major Sharara field have restarted operations, two engineers working there said, after National Oil Corporation announced a partial lifting of force majeure. But it was still unclear when production might restart.
"The market can ill afford more crude hitting the market," ANZ analysts said in a note on Monday, at a time when coronavirus-related curbs have eroded demand.
More than 30.78 million people have been infected by the novel coronavirus and 954,843 have died globally, paralysing travel and business activity.
European stocks slide in early deals
Asian markets weighed by virus spikes and stimulus gridlock
India to loan virus-hit Maldives $250m
"It is hard to get excited about a pickup in crude demand as the virus is surging in France, Spain, and the UK, along with concerns the US appears poised for at least one more cycle in the fall and winter," said Edward Moya, senior market analyst at OANDA.
"Even if energy markets don't see Libyan production return or if hurricane season eases, oil prices can't shake off the dwindling demand outlook."
Meanwhile, Royal Dutch Shell Plc halted some oil production and began evacuating workers from a US Gulf of Mexico platform, the company said on Saturday.
Tropical Storm Beta was predicted to bring 1 foot (30 centimetres) of rain to parts of coastal Texas and Louisiana as the 23rd named storm of this year's Atlantic hurricane season moves ashore on Monday night, the National Hurricane Center said.
Oil and gas producers had been restarting their offshore operations over the weekend after being disrupted by Hurricane Sally. Some 17% of US Gulf of Mexico offshore oil production and nearly 13% of natural gas output went offline on Saturday in the face of Sally's waves and winds.
Brent crude futures added 61 cents, or 1%, to $64.68 a barrel, as of 04:28 GMT while US West Texas Intermediate (WTI) crude futures gained 28 cents or 0.5% to $61.56 a barrel.
US West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.3%, to $59.93 a barrel by 03:56 GMT while Brent crude futures rose 29 cents, or 0.46%, to $62.99 a barrel.
Benchmark Brent climbed as high as $71.38 a barrel while US West Texas Intermediate (WTI) crude was down 22 cents or 0.3% at $65.87 after touching $67.98 a barrel.
Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Manuel Tovar Rivera, Minister of Foreign Trade of the Republic of Costa Rica,
Alibaba Group plans to split into six units and explore fundraisings or listings for most of them, it said on Tuesday, in a major revamp as China
Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (Dewa), has received a delegation from Dubai Airports headed by Paul Griffiths,