Oil prices fall after concerns about oil supply shortages wane

Last week, oil prices were still high at the end of the week due to a Libyan production halt as well as strikes in Norway and Iraq. Yet oil prices still ended up declining for the second week in a row.

Photo: Weatherford PR

The prices of both Brent and WTI crude are falling slightly after concerns about insufficient oil production have waned as Libya restarted its oil exports. Prices on gold and copper have increased marginally.  

Last week, oil prices ended up declining at the close of the week despite halted production in Libya as well as strikes in Norway and Iraq. That marks the second consequential week of declining oil prices.

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