Oil prices have fallen amid easing concerns over supply disruptions and Libyan ports resuming crude exports.
Brent crude fell 30 cents to stand at $75.03 per barrel, while US light crude slipped 50 cents to reach $70.51, Reuters reported.
Even after supply disruption worries have been largely minimised, global supply showed tightness with investors wary over the impact of production losses in certain exporting countries.
Samsung Futures analyst Kim Kwang-Rae was quoted by the news agency as saying: “There are mixed supply signals.”
Some of the factors that resulted in higher oil prices late last week included supply outages in Libya, workers on offshore oil and gas platforms in the North Sea going on strike, and unrest in Iraq.
Meanwhile, Russia and other producers are keen on raising production by one million barrels per day (bpd) or more to address shortages in the market.
Russian Energy Minister Alexander Novak said: “If we need more than one million barrels per day, I don’t rule out that we can quickly discuss it and make a quick decision.”
According to Libya’s National Oil (NOC), production at the Sharara oilfield is expected to drop at least 160,000bpd in the wake of the abduction of two staff in an attack by an unknown group.
Protests erupted in Iraq due to anger in the country’s southern cities over dissatisfaction with public services and corruption.
During clashes with security forces in the town of Samawa, two protesters were killed.
Although the protests have not hit crude production in Basra, it is claimed that any disruption could drive prices upwards.