Oil prices were trading mixed on Monday on concerns over slowing economic growth, particularly in China and India, as uncertainty prevails regarding the degree to which the U.S. sanctions will take Iranian crude oil off the market.
South Korea is in talks with the U.S. government to continue importing Iranian condensate as it is hard to find alternative sources due to limited suppliers, a Ministry of Trade, Industry and Energy official said Friday.
Investors are also weighing the possibility of supply disruptions in Libya as fresh protests by workers at the key Zawiya oil export terminal threaten to again stifle the country’s oil production from its major Sharara oil field.
Meanwhile, data released by Baker Hughes on Friday showed that U.S. energy companies kept the oil rig count unchanged last week amid falling crude oil prices.
Global Brent crude was up 29 cents or 0.39 percent at $72.11 a barrel while the NYMEX September light sweet crude contract was marginally lower at $65.17 a barrel.