Oil prices dropped on Wednesday as the International Energy Agency’s (IEA) forecast of a market surplus in the first half of this year was enough to cancel out concerns about military disruptions that have slashed Libya’s crude output.
Brent crude was down 34 cents, or 0.5%, to $64.25 per barrel, after dropping 0.3% on Tuesday. U.S. West Texas Intermediate crude fell 32 cents, or 0.6%, to $58.05 a barrel, having declined 0.3% the day before.
The head of the IEA, Fatih Birol, said he expects the market to be in surplus by a million barrels per day (bpd) in the first half of this year.
Source : Reuters