Oil prices drop as Nigeria, Libya set to raise output

World oil prices fell Friday as the prospects of higher output from Libya and Nigeria further fueled oversupply concerns.

By 1100 GMT, US benchmark West Texas Intermediate (WTI) for delivery in October had fallen 70 cents to $43.21 a barrel on expectations that Libya and Nigeria are due to ramp up production. Brent North Sea crude for November delivery lost 76 cents to $45.83 a barrel compared with the previous day’s close.

Libya’s National Oil Corporation said this week it would double production within four weeks after it was handed control of crucial ports that had been seized by forces loyal to the country’s rival administration. At the same time, Nigeria — Africa’s biggest crude producer — appears set to also increase its oil exports, traders said.