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 (LCOc1), 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 (CLc1) 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.
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