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 30 cents, or 0.5 per cent, at $64.29 a barrel at 0731 GMT, after falling 0.3 per cent on Tuesday. US oil fell 33 cents, or 0.6 per cent, to $58.05 a barrel, having declined 0.3 per cent 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. “I see an abundance of energy supply in terms of oil and gas,” Birol told the Reuters Global Markets Forum on Tuesday, while attending the World Economic Forum meeting in Davos. “It’s the reason that recent incidents we have seen – with the Iranian general killed, Libya unrest – didn’t boost international oil prices,” Birol said, referring to the US killing of an Iranian commander and retaliation by Tehran that sent prices briefly soaring earlier this month. Libya’s National Oil Corp on Monday declared force majeure on… Read full this story
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