Oil prices fall on oversupply worries despite OPEC deal

May 30, 2017 By Devika Krishna Kumar NEW YORK (Reuters) – Oil prices fell more than 1 percent on Tuesday amid signs of a resurgence in Libya’s output and on concerns that extended production cuts by the world’s top exporters may not be enough to drain a global glut that has depressed prices for almost three years. Brent crude fell 87 cents, or 1.7 percent, to $51.42 a barrel by 11:50 a.m. EDT, while U.S. light crude was 59 cents, or 1.2 percent, lower at $49.21. Libya’s oil production was…

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