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Brent crude for April settlement dropped as much as US$0.48 to US$59.74 a barrel after Libya resumed pumping crude to one of its ports and Oman said it would boost output as much as possible.
The contract traded at US$59.95 at 8:23 a.m. Singapore time. It had risen 1% to US$60.22 on Friday.
West Texas Intermediate for April delivery slid as much as 60 cents to US$50.21 a barrel in electronic trading on the New York Mercantile Exchange. The March contract expired on Friday after falling 82 cents to US$50.34.
Oil fields in east Libya resumed shipping crude to the port of Hariga after a pipeline was fixed.
Oman the biggest Middle Eastern oil producer that’s not a member of OPEC is boosting crude output to 980000 barrels a day this year.
Rising global supply contributed to a surplus that drove prices almost 50% lower last year.
U.S. drillers idled the fewest rigs in seven weeks according to data on Friday from Baker Hughes Inc. an oilfield-services company.
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