Oil prices fell more than 2% on Wednesday as a market surplus forecast by the International Energy Agency (IEA) and demand worries outweighed concern over disruptions to Libya's crude output.
Brent crude was down $1.39, or 2.2%, at $63.20 per barrel. U.S. West Texas Intermediate crude fell 2.8%, or $1.64, to settle at $56.74 per barrel.
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.
Source : Reuters