Oil prices slip as worries mount over rising Covid cases in US, Europe

Oil prices fell on Monday, extending last week’s losses, as increasing  Covid-19 cases in the United States and Europe raised worries about energy demand, while Libya's fast growing production also weighed on prices.

Brent was down 99 cents, or 2.37 per cent, at $40.78 by 8.28 pm IST. US West Texas Intermediate (WTI) dropped $1.13, or 2.84 per cent, to $38.72. Both contracts fell almost 2.5% last week.

The rising number of cases "not only highlight the risks posed by immediate transport restrictions, but also dampen long-term demand expectations," said Commerzbank analyst Eugen Weinberg.

On the supply side, Libya’s National Oil Corp (NOC)