Singapore
Oil prices fell on Wednesday, as rising output from Libya added to concerns about increasing U.S. production that is undermining OPEC-led production cuts aimed at tightening the market.
Brent crude futures, the international benchmark for oil prices, were at $51.59 per barrel at 0523 GMT, down 25 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $49.34 per barrel, down 32 cents, or 0.6 percent, from their last settlement.
Traders said the price declines were a result of higher output in conflict-torn Libya, which was adding to a relentless rise in U.S. production. Libya´s oil production is expected to rise to 800,000 barrels per day (bpd) this week, state-run National Oil Corporation said on Monday. That would likely boost its exports.