Oil falls as rising Libyan, U.S. output undermines cuts

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Oil prices fell on Wednesday, as rising output from Libya added to concerns about increasing U.S. production which is undermining OPEC-led production cuts aimed at tightening the market.

Brent crude futures, the international benchmark for oil prices, were at $51.72 per barrel at 0155 GMT, down 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures <CLc1> were at $49.47 per barrel down 19 cents, or 0.4 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.