Seoul — Oil prices fell on Monday as concern about supply disruptions eased and Libyan ports resumed export activities, while traders eyed potential supply increases by Russia and other oil producers.Brent crude futures were down 48c, or 0.6%, at $74.85 a barrel at 3.02am GMT.US West Texas Intermediate (WTI) crude was down 39c, or 0.6%, at $70.62 a barrel.Supply outages in Libya and strikes in Norway and Iraq pushed oil prices higher late last week, although prices still ended down for a second consecutive week."Crude oil prices fell as fears of supply disruptions eased. News that Libya’s state oil producer had restarted output from a major oil field ignited the sell-off earlier in the week," ANZ Bank said in a note.The market focus shifted towards possible supply increases, even as a Norwegian union for workers on offshore oil and gas drilling rigs stepped up a six-day strike."There are mixed supply signals and I think the [Brent] price is likely to be in the low-to-mid $70s range,...
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