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Oil prices fall on oversupply worries despite OPEC deal

Reuters  |  NEW YORK 

By Devika Krishna KumarNEW YORK (Reuters) - Oil prices fell more than 1 percent on Tuesday amid signs of a resurgence in Libya's output and on concerns that extended production cuts by the world's top exporters may not be enough to drain a global glut that has depressed prices for almost three years.Brent crude fell 87 cents, or 1.7 percent, to $51.42 a barrel by 11:50 a.m. EDT (1550 GMT), while U.S. light crude was 59 cents, or 1.2 percent, lower at $49.21.Libya's oil production was at 784,000 barrels per day (bpd) because of a technical issue at the Sharara field, but was expected to start ...

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First Published: Tue, May 30 2017. 21:28 IST