NEW YORK: Oil prices slipped yesterday amid rising Covid-19 cases and a possible return of Libyan oil production, which has slowed to a trickle since the start of the year. The August contract, which expired yesterday, fell 51 cents, or 1.2%, to US$41.20. Northeastern states like New York and New Jersey doubled the number of states from which travellers face quarantine restrictions. The state's oil company is hoping that talks will put an end to a blockade by eastern-based forces in the country's civil war. A Reuters poll of analysts showed expectations that oil prices will consolidate at around US$40 a barrel this year, with a recovery gaining steam in the fourth quarter.

Source: Libya Today June 30, 2020 17:03 UTC