| SEOUL, April 4
SEOUL, April 4 Oil prices edged lower in early
Asian trading on Tuesday as a rebound in Libyan production put
pressure on the market, along with a rise in U.S. drilling rig
capacity that signals potential for increased supply.
International Brent crude futures were trading down
3 cents at $53.09 a barrel at 0141 GMT from the previous
U.S. benchmark West Texas Intermediate crude oil prices
was down 1 cents to $50.23 a barrel.
"Crude oil prices fell as increased drilling in the United
States and a rebound in Libyan output weighed on investor
sentiment," said ANZ bank in a note.
Libya's crude output increased on Monday after state-owned
National Oil Corp (NOC) lifted force majeure on loadings of
Sharara crude oil from the Zawiya terminal in the west of the
country, sources familiar with the matter told Reuters.
Meanwhile U.S. drillers added the most rigs in a quarter
since the second quarter of 2011, data from energy services
company Baker Hughes showed on Friday, extending a 10-month
Adding to Libya's oil production recovery, Iran's exports of
crude oil and gas condensate hit a record 3.05 million barrels
per day (bpd) by March 20, the end of the Iranian month of
Esfand, according to a report by the Islamic Republic News
The oil market continues to await signs of a tightening
market as concerns over OPEC production cut compliance, designed
to erode a global crude oil glut, and high U.S. oil output
The Organization of the Petroleum Exporting Countries
(OPEC), and non-OPEC members including Russia, agreed late last
year to cut output by almost 1.8 million barrels per day (bpd)
in the first half of 2017. The market's focus has now shifted
whether the major oil producers will extend the cuts.
(Reporting by Jane Chung; Editing by Kenneth Maxwell)