UPDATE 8-Oil falls 1% on sluggish coronavirus recovery, supply concerns

* Euro zone business recovery stuttered in August
* OPEC+ group seeks to fix 2 mln bpd of oversupply
* Libya could resume oil exports after ceasefire deal
* Indian crude imports hit lowest in more than a decade
*
* Graphic: Brent and WTI crude prices https://tmsnrt.rs/2M55YzY

(New throughout, updates prices, market activity and comments
to settlement)
By Laila Kearney
NEW YORK, Aug 21 (Reuters) - Oil prices lost about 1% on
Friday as the economic recovery worldwide runs into stumbling
blocks due to renewed coronavirus lockdowns and on worries about
rising crude supply.
The euro zone's economic recovery from its deepest downturn
on record stalled this month as pent-up demand unleashed by the
easing of lockdowns in July dwindled, a survey showed. By
contrast, U.S. housing and manufacturing survey data came in
better than expected. Brent crude LCOc1 futures settled at $44.35 a barrel, down
55 cents, 1.2%. U.S. West Texas Intermediate (WTI) crude CLc1
futures settled at $42.34 a barrel, falling 86 cents, or 1.1%.
Brent fell about 1% for the week, while WTI saw a weekly
rise of nearly 1%.
India's crude oil imports fell in July to their lowest level
since March 2010, while U.S. motorists drove 13% fewer miles in
June than a year earlier, according the U.S. Department of
Transportation. Libya's national oil company said it could restart oil
exports after the North African country's internationally
recognized government in Tripoli announced a ceasefire, putting
further pressure on oil prices. “This is a market that can't afford to absorb any additional
barrels,” said John Kilduff, partner at Again Capital LLC in New
York. “While I'm happy for them in striking a peace deal, it's
problematic for the global supply situation and so that's a big
part of today's selloff.”
Those barrels would add to the output from OPEC+, which
consists of the Organization of the Petroleum Exporting
Countries and allies, including Russia. That group has been
focused on ensuring members that had overproduced against their
commitments would cut output. An internal report showed the group wanted oversupply
between May and July compensated for with cuts this month and
next, Reuters reported. The report also showed OPEC+ expects oil demand in 2020 to
fall by 9.1 million barrels per day, and by as much as 11.2
million bpd if there is a resurgence of coronavirus infections.
The U.S. oil and natural gas rig count, an indication of
future supply, increased this week for the first time since
March, energy services firm Baker Hughes Co BKR.N said.
RIG/U

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Brent and WTI crude prices https://tmsnrt.rs/2M55YzY
Brent crude vs. FTSE https://tmsnrt.rs/304CZDY
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>