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.