Oil prices edged lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, but concerns over global supplies kept prices well supported, ONA reports quoting Reuters.
Brent crude oil futures were at $71.46 a barrel at 0233 GMT, down 9 cents, or 0.1 percent, from their last close, having hit their highest since Nov. 12 on Friday at $71.87.
U.S. West Texas Intermediate (WTI) crude futures were at $63.63 per barrel, down 26 cents, or 0.4 percent, from their last settlement.
“I would expect oil to trade in a relatively tight band around $70 per for the time being,” said Virendra Chauhan, oil analyst at Energy Aspects in Singapore, pointing to mixed signals on supply from the United States and OPEC and its allies.
The head of Libya’s National Oil Corp warned on Friday that renewed fighting could wipe out crude production in the country.