Mubasher: Oil prices went down on Monday, with Brent reaching its highest level in five months in the prior session, but concerns over global supplies offered support, according to Reuters.

By 7:11 am GMT, US Nymex crude futures fell 0.52% to $63.56 per barrel (pb), while global benchmark Brent futures declined 0.22% to $71.39 pb, after trading at $71.87 pb on Friday, their highest since 12 November 2018.

Crude is set to trade “in a relatively tight band” near $70 pb currently, Singapore-based Energy Aspects oil analyst Virendra Chauhan was cited by Reuters.

Chauhan pointed to a mixture of signals on supply from the US and the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated producers, an alliance known as OPEC+.

US energy companies last week raised the number of oil rigs for the second consecutive week to 833, General Electric’s (GE) energy service firm Baker Hughes reported on Friday.

While indicators on US supply point to an expansion in activity levels, which is expected to culminate in a strong production growth in the second half of this year, “murmurings from various ministers of the OPEC+ pact suggest supply from the group will not be ramped up pre-emptively as per last summer,” the analyst was quoted by the news agency.

Another bullish factor was potential fighting in Libya that could wipe out oil production, the head of National Oil Corp (NOC) warned.