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Oil prices reversed losses and edged up on Monday as concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of a global recession. This is due to Output decreasing in 10 countries by 100,000 BPD to 28.52 million BPD which is different from their projected increase of 275,000 BPD.

Oil prices reverse losses, gain on tight supply concerns

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Oil prices reversed losses and edged up on Monday as concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of a global recession. This is due to Output decreasing in 10 countries by 100,000 BPD to 28.52 million BPD which is different from their projected increase of 275,000 BPD.

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