Economic news

Oil prices on the wane, supply shortages are not expected

Oil dipped today with restart of operations at ports in Libya and subsided worries over disruptions, as traders followed possible gains in supplies by major oil producing countries.

Photo: Reuters

Brent dropped to $73.84, losing $1.49, though later it won back a little coming up to near $74.00.

U.S. WTI moved down to $69.86, a slide of $1.15.

Russia, Saudi Arabia and others could bring up oil production by 1 mln barrels a day or even higher than that in case of insufficient global supplies, stated Alexander Novak, Russia’s Energy Minister, at the end of last week.

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