Oil falls to 5-month low over fresh lockdowns, Libyan crude production

Oil kicked off what promises to be a turbulent week of trading by plunging to a five-month low as a continued increase in Libyan crude production coincided with a wave of new virus-lockdown measures in Europe.

The double whammy of falling demand and growing supply pushed futures in New York down as much as 6 per cent in early Asian trading. That could be just the curtain raiser for price action as Americans head to the polls on Tuesday.

The pace of Libya’s production recovery continues to create a headache for the Opec+ alliance. Daily output has reached 800,000 barrels and the