Oil extends slide on surging coronavirus vases and US stimulus stalemate
SYDNEY (BLOOMBERG) - Oil extended its slide to a second day on a toxic cocktail of surging coronavirus cases in the US and Europe, dwindling prospects for pre-election stimulus in Washington and a steady resumption of supply from Libya. Futures in New York fell toward US$39 a barrel on Monday (Oct 26) after dropping 1.9 per cent on Friday. The US reported record infections for a second straight day, while Italy approved a partial lockdown and Spain announced a national curfew. In the US, Democrats and Republicans accused each other of "moving the goalposts" in interviews on CNN as hopes for a deal before next week's election appeared to be in tatters. The worsening demand outlook is coinciding with Libya's push to almost double crude output, which is gaining momentum as rival sides prepare for a new round of talks aimed at ending a nearly decade-long conflict. A force majeure has been lifted on the Ras Lanuf and Es Sider ports, and the country's state oil company said output would surpass 1 million barrels a day in four weeks. A little more than six months after Covid-19 sent oil prices into a tailspin, a second wave is threatening to take another bite out of energy demand. There a...
