Oil Falls With Dimming Stimulus Chances and Surging Virus Cases
- Prospects for U.S. fiscal aid uncertain before the election
- Libya said to be producing 690,000 barrels a day of oil
This article is for subscribers only.
Oil slid to a three-week-low amid concerns that rising coronavirus cases coupled with diminishing prospects for a U.S. stimulus deal will crimp the demand recovery.
Futures in New York fell 3.2% on Monday as hopes of a virus relief package before the election faded. At the same time, Europe took a step closer to the strict rules it imposed during the initial wave of the pandemic, while in the U.S., Texas is opening field hospitals to handle the overflow of Covid-19 patients.