Oil falls

London/Singapore

Oil prices fell on Wednesday, weighed down by concerns of oversupply as Libyan output improves and as U.S. gasoline inventories rose despite the peak summer driving season.

Brent crude futures, the international benchmark for oil prices, were at $51.64 per barrel at 0721 GMT, down 23 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $47.59 a barrel, down 24 cents, or 0.5 percent.

Libya´s Sharara oil field, the country´s largest, was gradually restarting on Tuesday after a shutdown, although instability in the country means that output there could be volatile, traders said.

Sharara recently reached output of 280,000 barrels per day (bpd), but closed earlier this week due to a pipeline blockade. Its production is key to Libya´s oil output, which surged above 1 million bpd in late June, about four times its level last summer.