Oil prices fell on Tuesday as investors were concerned about major oil exporter's rising output.
Production from Libya's Sharara field was returning to normal after being briefly disrupted earlier, according to media reports Tuesday. The field, largest in the country, has been producing about 270,000 barrels per day.
In addition, Libya's total production stood at 1.03 million barrels per day in July, according to the latest Reuters survey.
Analysts said investors are concerned that major oil producers' current efforts to curb production may not be enough to balance the market.
The West Texas Intermediate for September Delivery lost 0.22 U.S. dollar to settle at 49.17 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 0.23 dollar to close at 52.14 dollars a barrel on the London ICE Futures Exchange.
Production from Libya's Sharara field was returning to normal after being briefly disrupted earlier, according to media reports Tuesday. The field, largest in the country, has been producing about 270,000 barrels per day.
In addition, Libya's total production stood at 1.03 million barrels per day in July, according to the latest Reuters survey.
Analysts said investors are concerned that major oil producers' current efforts to curb production may not be enough to balance the market.
The West Texas Intermediate for September Delivery lost 0.22 U.S. dollar to settle at 49.17 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 0.23 dollar to close at 52.14 dollars a barrel on the London ICE Futures Exchange.
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