Brent North Sea crude for delivery in January retreated to US$108.2, while oil on the Nymex dipped to US$97.1. Oil prices have retreated on concerns of a global oversupply in crude. Additionally, speculation that the US Federal Reserve will soon scale back its stimulus program also adds to market concerns.
Last week, OPEC agreed to keep its production ceiling unchanged at 30 million bpd. However, pledges by its members Iraq and Iran to boost output in 2014 have raised concerns about a potential glut, as the US shale oil output continues to increase. Additionally, a tribal chief in Libya has announced that months-long blockade by armed protesters of vital oil terminals would be lifted on December 15. This should boost crude supplies from Libya that were slashed to about 250,000 bpd, from normal levels of nearly 1.5 mln bpd.
16-Dec-13 
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