Oil falls as surplus forecast overshadows Libya disruption - Reuters

Oil falls as surplus forecast overshadows Libya disruption - Reuters:

Oil prices fell on Wednesday as a market surplus forecast by the International Energy Agency (IEA) outweighed concern over disruptions to Libya’s crude output. 

Brent crude LCOc1 was down 48 cents, or 0.7%, at $64.11 a barrel by 1311 GMT. West Texas Intermediate CLc1 fell 57 cents, or 1%, to $57.81.

The head of the IEA, Fatih Birol, said he expects the market to be in surplus by 1 million barrels per day (bpd) in the first half of this year.

“I see an abundance of energy supply in terms of oil and gas,” Birol told the Reuters Global Markets Forum on Tuesday while attending the World Economic Forum meeting in Davos.