Brent oil price falls to near $120 amid oil supply concerns

Brent crude oil prices have fallen to near $120 in the last hour of trading as oil supply concerns out of Libya and other countries sparks a short term sell off in oil futures and other commodities.

Latest Brent Oil Price

In London, Brent crude oil futures for May 2011 delivery was trading at $120.44 a barrel, 09.25 GMT this morning on the ICE Futures Exchange after falling over 3 percent in trading on Tuesday.

Selling pressure on both Brent and WTI oil futures intensified after the IEA warned that oil prices have hurt global demand for energy and investment bank Goldman Sachs recommended investors cash in their commodities bets, including oil.

Libya Oil Supplies – Update

Meanwhile, oil fields controlled by rebels trying to overthrow Libyan leader Muammar Gaddafi are producing 100,000 barrels per day (bpd) of crude oil but only a “minimal amount” is being exported, a rebel spokesman said today.

The recent unrest in Libya has partly been to blame for the steep rise of crude oil prices in 2011.

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Brent oil price falls to near $120 amid oil supply concerns

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