Oil deepens losses amid expectations for return of Libyan output

Oil prices slumped on Monday, deepening losses as the US dollar rallied against most major currencies, and amid expectations about the resumption of Libya's output.

Libya's National Oil Corporation declared lifting force majeure on all oil production and exports activities, which ought to boost the global oil supply.

The dollar index rose against a basket of currencies by 0.8% to 93.7 points as of 18:15 GMT, after it hit a high of 93.7 and a low of 92.7.

Concerns about the global demand were renewed, after some countries started reinstating the lockdown due to a rising number of coronavirus infections and news of a second wave.

As of 18:07 GMT, WTI October futures at Nymex fell 5.1% to $39 a barrel, after hitting a high of $41.2 and a low of $38.6.

Brent November futures dropped 4.3% to $41.2 a barrel, with a high of $43.3 and a low of $40.9.