SYDNEY: Oil prices edged lower on Monday after international
benchmark Brent hit a fresh five-month high in the previous
session, but concerns over global supplies provided a floor to
Brent crude oil futures were at $71.40 a barrel at 0015 GMT, down
15 cents, or 0.2 percent, from their last close. Brent closed up 1
percent on Friday when prices hit a high of $71.87 a barrel, the
highest since Nov. 12.
US West Texas Intermediate (WTI) crude futures were at $63.60 per
barrel, down 29 cents, or 0.5 percent, from their last settlement.
WTI rose 0.5 percent on Friday.
The head of Libya’s National Oil Corp. warned on Friday that
renewed fighting could wipe out crude production in the
“Supply side issues remained a concern for the market. Libyan
rebel leader Khalifa Haftar moved forces closer to Tripoli,” ANZ
Bank said in a research note.
The Organization of the Petroleum Exporting Countries (OPEC) and
its allies meet in June to decide whether to continue withholding
supply. OPEC, Russia and other producers, an alliance known as
OPEC+, are reducing output by 1.2 million bpd from Jan. 1 for six
OPEC’s de facto leader, Saudi Arabia, is considered keen to keep
cutting, but sources within the group said it could raise output
from July if disruptions continue elsewhere.
Russia’s Finance Minister Anton Siluanov was quoted by the TASS
news agency as saying on Saturday that Russia and OPEC may decide
to boost production to fight for market share with the United
States but this would push oil prices as low as $40 per barrel.
Oil prices slip on economic worries, surging US crude supplyRussia
committed to OPEC+ oil cuts: UAE energy minister
Source: FS – All-News-Economy
Oil edges lower, supply concerns check losses