RIYADH: Oil prices edged down on Monday, reversing earlier gains, as concerns about slowing global economic growth and fuel demand offset worries about tightening supplies.
Brent crude futures slipped 8 cents, or 0.1 percent, to $113.04 a barrel by 0242 GMT, after rising as much as 1 percent earlier. Front-month prices tumbled 7.3 percent last week, their first weekly fall in five weeks.Â
US West Texas Intermediate crude was at $109.49 a barrel, down 7 cents, after rising more than $1 earlier. Front-month prices dropped 9.2 percent last week, the first decline in eight weeks.
Libya oil output rises to 700,000 bpd: Minister
Libyan oil total production is at about 700,000 barrels per day, the Libyan oil minister Mohamed Oun told Reuters on Monday.
Libya’s oil output was at 100,000-150,000 bpd, a spokesman for the oil ministry said last week.
Oun did not give details on when or how the output level had risen.
Iraq to implement court ruling on Kurdish oil industry
Iraqi oil minister Ihsan Abdul Jabbar said on Sunday that Iraq would implement a ruling from its federal court in February in which it deemed a Kurdish oil and gas law unconstitutional.
In February, Iraq’s federal court deemed an oil and gas law regulating the oil industry in Iraqi Kurdistan unconstitutional and demanded that Kurdish authorities hand over their crude supplies.
Jabbar also added that the ceiling for exports will reach 3.8 million bpd in June and 3.85 million bpd in July.
He also told reporters that Iraq is 100 percent committed to its participation in OPEC.
The Iraqi oil ministry has said that average crude exports reached 3.3 million bpd in May.
(With input from Reuters)
