19.10.202019:10:00UTC+00Crude Oil Futures Settle Roughly Flat As Demand Concerns Weigh

Crude oil futures ended slightly lower on Monday, weighed down by lingering concerns about energy demand outlook due to rising coronavirus cases.

Increased oil output from Libya hurt as well. After remaining shut for a few months, Libya has increased its crude output following easing of a blockade by eastern forces in September.

Investors also digested a report from the Organization of the Petroleum Exporting Countries (OPEC) that said the members reiterated their commitment to the production cut agreement. The committee added that countries which exceeded stipulated volumes have been encouraged to increase efforts to compensate for the the excess oil they produced to rebalance the market.

West Texas Intermediate crude oil futures for November ended at $40.83 a barrel, down $0.05 or about 0.1% at $40.83 a barrel.

Brent crude futures slipped $0.22 to $42.71 a barrel.

Concerns over surging coronavirus cases globally and tightening restrictions dampened the prospects for demand recovery. Several states in America have reportedly seen an increase in the number of new Covid-19 cases.

Italy announced new measures after the country recorded a record daily increase of the Covid-19 cases for the fifth day in a row on October 18.

Elsewhere, Britain's government scientific adviser Jeremy Farrar said the country needs to impose a three-week period of national lockdown restrictions to prevent the continued spread of the virus.