(Bloomberg) — Oil dropped for a second day as operations in the U.S. Gulf of Mexico started to resume following Hurricane Delta and Libya took a major step toward reopening its biggest field.

Futures in New York fell toward $40 a barrel after closing down 1.4% Friday as oil workers in Norway called off a strike. Crude explorers and tugboat operators got back to work on Saturday after Delta, which had seen about 92% of oil production and 62% of gas output shuttered. The hurricane and hopes for more U.S. fiscal stimulus contributed to a price jump of almost 10% last week.

Libya’s National Oil Corp. lifted force majeure on the western deposit of the Sharara field and instructed its operator to resume production, according to a statement on Sunday. Sharara’s output will reach its daily capacity of almost 300,000 barrels in 10 days, a person with knowledge of the situation said.



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Oil Tapering

The resumption of supply from the North African country is an added headache for the OPEC+ alliance as it considers whether to proceed with a plan to restore more output in January. With coronavirus cases accelerating in many countries, the group faces a tough decision at its next policy meeting on Nov. 30-Dec. 1.

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“We have supply coming back to the market, while there is still plenty of concern over demand, with the flaring up in Covid-19 cases in parts of Europe,” said Warren Patterson, head of commodities strategy at ING Bank NV in Singapore. With Libya coming back, the market is close to balance, but it will depend on demand assumptions, he said.

Prices
West Texas Intermediate for November delivery fell 0.8% to $40.28 a barrel on the New York Mercantile Exchange at 10:14 a.m. in SingaporeThe contract rose 9.6% last

(Bloomberg) — Oil fell for a second day as operations in the U.S. Gulf of Mexico started to resume following Hurricane Delta and Libya took a major step toward reopening its biggest field.

Futures in New York dropped below $40 a barrel after closing down 1.4% Friday as oil workers in Norway called off a strike. Crude explorers and tugboat operators got back to work on Saturday after Delta, which had seen about 92% of oil production and 62% of gas output shuttered. The hurricane and hopes for more U.S. fiscal stimulus contributed to a price jump of almost 10% last week.

Libya’s National Oil Corp. lifted force majeure on the western deposit of the Sharara field and instructed its operator to resume production, according to a statement on Sunday. Sharara’s output will reach its daily capacity of almost 300,000 barrels in 10 days, a person with knowledge of the situation said.



graphical user interface: Oil Tapering


© Bloomberg
Oil Tapering

The resumption of supply from the North African country is an added headache for the OPEC+ alliance as it considers whether to proceed with a plan to restore more output in January. With coronavirus cases accelerating in many countries, the group faces a tough decision at its next policy meeting on Nov. 30-Dec. 1.

Video: Hurricane Delta roils oil rigs, squeezes gasoline prices (Fox Business)

Hurricane Delta roils oil rigs, squeezes gasoline prices

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Prices
West Texas Intermediate for November delivery fell 1.5% to $39.99 a barrel on the New York Mercantile Exchange at 8:18 a.m in Singapore.The contract rose 9.6% last week.Brent for December settlement dropped 1.5% to $42.22 on the ICE Futures Europe exchange after declining 1.1% on Friday.

Iraq expects crude prices to remain at around $41 to $42 a barrel this year before rising to $45

U.S. Oil Industry Prioritizes Output Over Debt

Photographer: Angus Mordant/Bloomberg

Oil slipped a second day as operations in the Gulf of Mexico began to resume following Hurricane Delta, Libya stepped up plans to restart production and oil workers in Norway called off a strike.

Futures in New York fell as much as 0.9%, after declining 1.4% on Friday. U.S. Gulf operators are beginning to restart production after the storm made landfall on Friday. Delta’s approach had seen about 92% of oil production and 62% of gas output shuttered.

Libya took a major step toward reviving its battered oil industry by reopening its biggest field. The Sharara field will initially pump 40,000 barrels of crude a day, before reaching its capacity of almost 300,000 barrels in 10 days, a person with knowledge of the situation said.

The resumption of supply from Libya is an added headache for OPEC and its allies as they mull whether to proceed with plans to further taper production curbs in January. With coronavirus cases accelerating in many countries, the cartel faces a difficult decision at its next policy meeting on Nov. 30-Dec. 1 to stay the course or delay the increase in production.

Oil Tapering

OPEC+ created a three phase program of production cuts in response to the plunge in demand brought about by the coronavirus pandemic

Sources: OPEC and Bloomberg News

Prices
  • West Texas Intermediate for November delivery fell 25 cents to $40.35 a barrel on the New York Mercantile Exchange at 9:11 a.m Sydney time.
    • November WTI declined 59 cents to settle Friday at $40.60 a barrel. The contract rose 9.6% last week.
  • Brent for December settlement eased 29 cents to $42.56 a barrel. Dec. Brent lost 49 cents to end Friday’s session at $42.85 a barrel. The benchmark posted a 9.1% weekly gain.

Crude rallied last week

The average price of fully-comprehensive car insurance now stands at £473. Photo: Oliur/Unsplash
The average price of fully-comprehensive car insurance now stands at £473. Photo: Oliur/Unsplash

Car insurance premiums fell throughout 2020 – thought to be a result of the national COVID-19 lockdown, which at it’s height caused road traffic to plummet by 73% but the rate of decline may be slowing.

Car insurance prices dropped by 3.6% in the first quarter of the year and then by a massive 4.7% in the second quarter, when they hit their lowest price in five years – £462 ($603) for fully-comprehensive cover.

However, a modest price drop of 0.3% in the third quarter suggests the fall may be starting to taper off, MoneySuperMarket data shows.

The average price of fully-comprehensive car insurance now stands at £473, the data shows.

What’s more, despite prices falling in 2020, annual comparisons show a slight increase, with fully-comprehensive cover costing about £473 during Q3 2019.

The study found drivers in east London pay most for premiums, at £950 – more than double the UK average.

READ MORE: UK drivers ‘unaware’ of government’s electric car grant

Meanwhile, London as a whole paid about £679 during the third quarter of the year.

On the other hand, drivers on the Isle of Lewis have the cheapest premiums in the country, at just £293.

Looking at age, premiums have fallen the most year-on-year for those aged 17 to 19, with fully comprehensive cover now costing these drivers about £823 – down 21% from £1,037 in 2019.

However, premiums for this age group did see a quarterly price increase of £46 from £777 to £823.

Drivers aged between 40 and 49 have seen the biggest price rise, with premiums up 5% year-on-year to £422, from £402.

The 20 to 24 demographic pays the most on average, with third-quarter premiums costing £917.

READ MORE: Over

* Fed’s Sept. 15-16 policy meeting minutes due at 1800 GMT

* Potential of no election result in Nov will help gold
-analyst
Interactive graphic tracking global spread of coronavirus: https://graphics.reuters.com/world-coronavirus-tracker-and-maps/

(New throughout, adds comment, updates prices)

By Arundhati Sarkar

Oct 7 (Reuters) – Gold rose on Wednesday after concerns over
further U.S. stimulus to support the virus-hit economy waned,
with focus now on minutes from the U.S. Federal Reserve’s last
meeting for clues on the outlook of monetary policy.

Spot gold rose 0.4% to $1,884.46 per ounce by 10:34
am ET (1434 GMT). U.S. gold futures fell 1.3% to
$1,884.60 per ounce.

“President Trump’s retracement from “no stimulus
negotiation” to “unilateral relief measures” has helped support
gold prices despite the U.S. dollar only weakening slightly,”
said Jeff Klearman, portfolio manager at GraniteShares.

Gold prices had declined nearly 2% on Tuesday after U.S.
President Donald Trump announced a halt in additional stimulus
negotiations until after the Nov. 3 presidential election.

However, he later suggested new payroll assistance to U.S.
passenger airlines.

“Coronavirus-related demand destruction concerns are still
abound, meaning sooner or later, a fiscal stimulus package will
likely be passed and the Fed will continue its unprecedented
accommodative monetary policy,” Klearman said.

Investors now await minutes from Fed’s Sept. 15-16 policy
meeting at 1800 GMT. Fed Chair Jerome Powell on Tuesday called
for more help for businesses and households to keep a nascent
economic recovery from faltering.
“There is an anticipation about the level of inflation as a
result of stimulus … and that could be hedged by gold,” said
Jeffrey Sica, president and chief investment officer of Sica
Wealth Management.

He added “there will be a great potential of not having an
election result in November, which will help gold prices as a
flight to safety.”

Gold is seen