UPDATE 9-Oil dips after OPEC+ meeting as Libyan supply boost weighs

* OPEC+ monitoring panel recommends to stick to oil deal
-Novak
* Libya's Abu Attifel oilfield expected to restart from Oct.
24
* Pelosi 'optimistic' on coronavirus relief deal before
election

(Updates with settlement prices, adds commentary)
By Stephanie Kelly
NEW YORK, Oct 19 (Reuters) - Oil edged lower on Monday,
weighed by concerns over surging coronavirus cases globally and
by Libya's plan to boost output, but hopes for a U.S. fiscal
package lent some support.
Analysts also focused on an OPEC+ ministerial monitoring
committee meeting on Monday. Russian Energy Minister Alexander
Novak said the committee recommended sticking in full to the
group's global deal to reduce oil production. Brent crude LCOc1 futures fell 31 cents to settle at
$42.62 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1
futures fell 5 cents to settle at $40.83 a barrel.
Saudi Arabia, the biggest member of the Organization of the
Petroleum Exporting Countries, said no one should doubt the
group's commitment to providing support, while three sources
from producing countries said a planned output increase from
January could be reversed if necessary. OPEC+, a grouping of OPEC and allies including Russia, is
curbing oil production by 7.7 million barrels per day (bpd),
down from cuts totalling 9.7 million bpd, and are due to reduce
the cuts by a further 2 million bpd in January.
"There were no grand surprises out of the OPEC+ meeting,"
said Phil Flynn, senior analyst at Price Futures Group in
Chicago. "They said all the right things, but there were no big
surprises so the market was fairly steady."
Weighing on prices, Libya has significantly boosted its
output after the easing of a blockade by eastern forces in
September. The 70,000-bpd Abu Attifel oilfield was expected to
begin its restart on Oct. 24 after being shut down for months,
two engineers said. Meanwhile, worldwide coronavirus cases crossed 40 million on
Monday, according to a Reuters tally. Many European governments
are tightening lockdowns to curb the spread of the virus,
renewing concerns about oil demand. "This latest swathe of stringent restrictions will
inevitably impede economic growth and undermine the fuel demand
recovery," said Stephen Brennock of oil broker PVM.
Hopes for a new U.S. stimulus package lent some support to
prices. The White House is "cautiously optimistic" that
Democratic House of Representatives Speaker Nancy Pelosi may be
moving toward making a deal on a new coronavirus stimulus bill,
a spokeswoman said on Monday. of America projected Brent and WTI would average $44
and $40 per barrel in 2020, respectively, and $50 and $47 per
barrel in 2021.
Meanwhile, China's oil-buying frenzy earlier this year is
expected to slow in the fourth quarter. Chinese refiners slowed
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World population under curfew https://tmsnrt.rs/2Ilrvns
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