* 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.
In 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.
Brent 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. China announced sanctions against the United States on
Monday after Washington penalized senior Chinese officials over
the treatment of Uighur Muslims. An 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.
OPEC 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.
"That seems a quite risky option, with the safer being a one
month extension," said Edward Moya, senior market analyst at
OANDA in New York.
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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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