OIL HITS ONE-MONTH LOW, NIGERIA PLANS HIGHER OUTPUT

Oil fell to a one-month low in New York on speculation that the resumption of shipments from Libya and Nigeria might add to the global surplus.

Futures dropped as much as 2.7 per cent on the New York Mercantile Exchange. Libya and Nigeria, whose supplies have been reduced by domestic conflicts, are preparing to boost exports within weeks, Bloomberg reported.

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