Tokyo — Oil prices edged lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, but concerns over global supply kept prices well supported. Brent crude oil futures were at $71.46 a barrel at 2.33am GMT, down 9c, or 0.1%, from their last close, having hit their highest since November 12 on Friday at $71.87. US West Texas Intermediate (WTI) crude futures were at $63.63 a barrel, down 26c, or 0.4%, from their last settlement. “I would expect oil to trade in a relatively tight band around $70 for the time being,” said Virendra Chauhan, oil analyst at Energy Aspects in Singapore, pointing to mixed signals on supply from the US 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. Oil cartel Opec and its allies meet in June to decide whether to continue withholding supply. Opec, Russia and other producers, are reducing output by 1.2-million barr...
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