Oil prices slip as Saudi Arabia reassures on supply

February 28, 2011 20:01

LONDON - Oil prices fell in choppy trade on Monday as reassurances from Saudi Arabia that extra supply needs could be met were tempered by Bank of America Merrill Lynch warning that Libyan output could be reduced for months.

International Energy Agency chief economist Fatih Birol told Reuters Insider TV industry reports indicated around half of Libya's production of 1.6 million barrels per day (bpd) had been cut, although other estimates had put the figure at three-quarters.

Brent futures for April were 2 cents lower at $112.12 a barrel by 14:06 GMT. US crude was down 40 cents at $97.48 a barrel. Both benchmarks posted their highest weekly close in two-and-a-half years last week.

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