Oil prices fall as expectations of higher supplies hammer market sentiment

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Oil Prices News

Central Bank Of Libya,Libya,Brent Crude

Brent crude futures fell 57 cents, or 0.8%, to $71.03 per barrel by 0036 GMT, while U.S. West Texas Intermediate crude futures were down 58 cents, or 0.9...

- Oil prices fell for a third day on Friday, on course to end the week lower, as investors focused on expectations of higher supplies from Libya and the broader OPEC+ group of oil exporters.

The agreement could see more than 500,000 bpd of Libyan supply return to markets, ANZ Bank analyst Daniel Hynes said. Saudi Arabia, the de facto leader of OPEC+, has repeatedly denied targeting a certain oil price, and sources at the wider group told Reuters that the plans to raise output in December do not represent any major change from existing policy.

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