Oil prices edged lower on Monday after international benchmark Brent hit a fresh...
FILE PHOTO: A drilling rig of Austria's oil and gas group OMV is seen at their exploratory drilling site near Maustrenk, Austria October 9, 2018. REUTERS/Leonhard Foeger/File Photo
Brent crude oil futures were at $71.40 a barrel at 0015 GMT, down 15 cents, or 0.2 percent, from their last close. Brent closed up 1 percent on Friday when prices hit a high of $71.87 a barrel, the highest since Nov. 12. The head of Libya’s National Oil Corp warned on Friday that renewed fighting could wipe out crude production in the country.
The Organization of the Petroleum Exporting Countries and its allies meet in June to decide whether to continue withholding supply. OPEC, Russia and other producers, an alliance known as OPEC+, are reducing output by 1.2 million bpd from Jan. 1 for six months.
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