Oil prices slip as Saudi Arabia reassures on supply

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

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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