SEOUL: Oil prices fell on Monday as concerns 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 48 cents, or 0.6 percent, at $74.85 a barrel at 0302 GMT.
U.S. West Texas Intermediate (WTI) crude was down 39 cents, or 0.6 percent, at $70.62 a barrel.
Supply outages in Libya and strike action in Norway and Iraq pushed oil prices higher late last week, although prices still ended down for a second straight week.
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.
U.S. President Donald Trump and Russian President Vladimir Putin are set to hold their first stand-alone meeting in Helsinki on Monday. Trump has been vocal about his dissatisfaction with higher oil prices, asking OPEC to lower prices.
Russia and other major oil producers may increase output further should supply shortages hit the global oil market, Russian Energy Minister Alexander Novak said on Friday.
The United States holds a reserve of about 660 million barrels, and the Trump administration was considering drawing on the country’s oil reserve, which would increase supply, according to a Bloomberg report.
Meanwhile, the number of rigs drilling in the United States was unchanged at 863 in the week to July 13 as the rate of the growth slowed amid a fall in crude prices.
