WTI is suffering its biggest daily percentage decline in more than 10 days. Resurfacing demand concerns weigh on crude oil prices. Libya’s oil supply is expected to reenter the market. Crude oil prices closed the previous week sharply higher but erased a large portion of those gains on Monday. As of writing, the barrel of West Texas Intermediate was down 4.2%, the biggest daily percentage decline in nearly two weeks, at $39.15. Demand-supply dynamics hurt WTI The rising number of coronavirus infections globally, especially in the US and Europe, revived concerns over an uneven recovery in the energy demand on Monday. Additionally, the flight-to-safety, as reflected by heavy losses witnessed in global equity indexes, is putting additional weight on risk-sensitive crude oil prices. Meanwhile, latest reports revealed that Libya’s Sharara oil field have restarted its operations, suggesting that more oil is likely to enter the market in the near-term. Commenting on the matter, “at this stage, we should watch for some time,” one OPEC sources told Reuters. “But the market is reacting much faster on bearish sentiment.” Later in the week, developments in Libya and the US Energy Information Administration’s and the American Petroleum Institue’s crude oil inventory reports will be looked upon for fresh impetus. Technical levels to watch for FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Coronavirus update UK: 4,368 new coronavirus infections confirmed on Monday FX Street 2 years WTI is suffering its biggest daily percentage decline in more than 10 days. Resurfacing demand concerns weigh on crude oil prices. Libya's oil supply is expected to reenter the market. Crude oil prices closed the previous week sharply higher but erased a large portion of those gains on Monday. As of writing, the barrel of West Texas Intermediate was down 4.2%, the biggest daily percentage decline in nearly two weeks, at $39.15. Demand-supply dynamics hurt WTI The rising number of coronavirus infections globally, especially in the US and Europe, revived concerns over an uneven recovery in the energy demand on Monday.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.