Oil prices fall but concerns over supply outages weigh

LONDON (Reuters) – Oil prices fell sharp Monday as concerns about supply disruptions eased as Libyan ports reopened. The market was also weighed on news potential supply increases by Russia and other producers were afoot.  Brent crude dropped more than 3 percent to a low of $73, before settling at $73.15 by late afternoon. U.S. light crude fell $1.70 at $69.31. Supply outages in Libya, a labor dispute in Norway and unrest in Iraq all helped to push oil prices higher late last week, though prices still fell for a second straight week. Russia and other oil producers it is feared could raise output by 1 million barrels per day (bpd) or more if shortages hit the market, Russian Energy Minister Alexander Novak told reporters on Friday.