Oil prices steadied on Monday, boosted by hopes that OPEC and non-OPEC members would continue their pact to cut production beyond 2018. There was, however, also news of rising production from Libya.
After climbing above $70 a barrel for the first time in three years earlier this week, Brent crude fell more than 1% on Friday after an international energy watchdog raised its US supply forecasts, while OPEC expressed concerns over a renewed flood of US oil
OPEC is projecting strong output growth from outside its cartel this year, driven by surging production in North America.
Anglo-Australian diversified miner BHP Billiton reported its guidance on petroleum, copper and iron ore was unchanged for its 2017-18 full year after it announced record iron ore production at its Western Australia facility in the October-December quarter
(Reuters) Oil prices weakened following early gains on Wednesday, but remained underpinned by tightening supply and strong global demand.
Robust fourth-quarter production helped Rio Tinto, the Anglo-Australian diversified mining group hit its output targets across all of its major products
Brent crude rose above $70 a barrel for the first time since December 2014 on Monday and supply and demand fundamentals worked in tandem to support oil prices at the beginning of the week
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