Oil falls nearly 3pc as over-supply concerns weigh.

Oil prices fell more than 2 percent on Wednesday as a market surplus forecast by the International Energy Agency (IEA) and demand worries outweighed concern over disruptions to Libya's crude output. Brent crude was down $1.39, or 2.2 percent, at $63.20 per barrel. U.S. West Texas Intermediate crude fell 2.8 percent to settle at $56.74 per barrel.

The head of the IEA, Fatih Birol, said he expects the market to be in surplus by 1 million barrels per day (bpd) in the first half of this year. Oil prices remain heavy...