22/01/2020 16:25
Oil dips as surplus forecast overshadows Libya disruption
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 39 cents, or 0.6%, at $64.20 a barrel by 1140 GMT. West Texas Intermediate CLc1 also fell 39 cents, or 0.7%, to $57.99.
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.