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Oil edges lower as Libyan output undermines 2018 rally

Brent crude slipped 7 cents to $68.54 a barrel at 1215 GMT

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Reuters
Oil slipped on Monday under pressure from rising Libyan output and concerns that a rally that had sent prices to their highest since December 2014 had run out of steam.
 
But losses were limited by comments from top exporter Saudi Arabia that Organization of the Petroleum Exporting Countries (Opec) and other producers would continue to cooperate on their oil cuts beyond 2018 and prices also found some support from strong economic growth that underpinned demand.
 
Brent crude slipped 7 cents to $68.54 a barrel at 1215 GMT, reversing course after earlier modest gains. Brent had hit $70.37 on