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Seoul: Oil prices fell on Monday due to disruptions in supply and the reopening of Libyan ports for export activities, with traders waiting for potential increases in Russia and in other oil producers.
Cents, or 0.9%, at $ 74.67 per barrel at 6:45 am GMT
WTI fell 57 cents, or 0.8%, to $ 70.43 a barrel.
A supply disruption in Libya and a strike in Norway And the protests in Iraq rising oil prices late last week, although the
The market's attention has shifted to potential increases in supply, although a Norwegian consortium of offshore oil and gas drillers went on strike six days ago.
The Bank of Australia and New Zealand (ANZD) said in a note that "crude oil prices have dropped as fears of supply disruptions have declined." Russian Minister of Energy Alexander Novak said Friday that his country and other major producers could increase their supplies if there was a shortage of supply in the market.
Source: Reuters [19659008]
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