* WHO reports record daily rise in new COVID-19 cases
* China sanctions United States over Uighur Muslims
* EU preparing counter-measures on China over Hong Kong
* OPEC committee meets this week to decide on supply cuts
* Libya re-imposes force majeure on oil exports
(Adds closing prices)
By Scott DiSavino
NEW YORK, July 13 (Reuters) - Oil prices slipped about 1% on Monday after global coronavirus cases rose by a record daily amount, fanning fears of renewed government lockdowns, and on growing U.S. and European tension with China.
The World Health Organization reported more than 230,000 new cases of coronavirus on Sunday, a one-day record. Much of the growth is in the Western Hemisphere, particularly the United States and Latin America. the United States, infections surged over the weekend as Florida reported an increase of more than 15,000 new cases in 24 hours, a record for any state. Numerous states have rolled back the loosening of restrictions on business operations and now requiring mask-wearing to slow the spread of the virus, which has killed nearly 140,000 people in the United States. LCOc1 futures fell 52 cents, or 1.2%, to settle at $42.72 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 lost 45 cents, or 1.1%, to settle at $40.10.
The market also remained on edge due to growing U.S. and European disputes with China. The European Union (EU) said it is preparing counter-measures on China in response to Beijing's new security law on Hong Kong. announced sanctions against the United States on Monday after Washington penalized senior Chinese officials over the treatment of Uighur Muslims. Organization of the Petroleum Exporting Countries (OPEC) monitoring committee will meet on Tuesday and Wednesday and is expected to recommend levels for future supply cuts. and allies including Russia are expected to ease production cuts to 7.7 million barrels per day (bpd), down from a record cut of 9.7 million bpd for May through June, as global oil demand has recovered. seems a quite risky option, with the safer being a one month extension," said Edward Moya, senior market analyst at OANDA in New York.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ World's top producers slash output
https://tmsnrt.rs/3g56mcX Libya oil production
https://tmsnrt.rs/31UEWm2 Demand supply balance
https://tmsnrt.rs/3gJWtl5
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