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Oil prices skidded Wednesday, as escalating production from Libya fueled concerns regarding higher US output, weakening OPEC-led reductions aimed at stabilizing the crude market.
Libya's state-run oil company said their oil output is awaited to increase by 800,000 barrels a day this week. The shale oil drilling in America has leaped by over 10% to more than 9.3 million barrels a day since the middle of the previous year.
Brent crude futures settled at $51.72 a barrel, down 0.2%. The WTI crude futures stood at $49.47 a barrel, down 0.4%.
