Oil prices slid slightly to $105 a barrel as OPEC looks to increase its oil output following supply disruptions in Libya and concerns of further supply cuts due to continued unrest.
US crude for April fell 42¢ to settle at $105.02 a barrel and Brent crude for April decreased by $1.98 to $113.06 a barrel, reports Reuters.
Although OPEC has continued with the same official policy for more than two years, Kuwait’s oil minister Sheikh Ahmad al-Abdullah al-Sabah told Reuters that it was considering a production boost.
Saudi Arabia has also ramped up its production to help make up for the cut in Libyan output, which is estimated at about one million barrels per day. Its normal production is 1.6 million barrels per day.
Meanwhile, US inventories increased by 3.8 million barrels last week, while petrol stocks fell by 3.7 million barrels and distillates went down by 1.5 million barrels, according to the American Petroleum Institute’s weekly report.