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Oil falls as Iran, Libya output rises hit OPEC deal momentum

LONDON: Oil prices fell nearly one percent on Tuesday on news that Iran and Libya have continued to increase production, overshadowing an OPEC agreement struck last week to freeze output levels in a bid to stem a two-year price rout. Benchmark Brent crude oil futures were trading down 40 cents, or 0.8 percent, at $50.49 a barrel at 0826 GMT. U.S. West Texas Intermediate (WTI) crude was down 42 cents, or 0.9 percent, at $48.39 a barrel. "Today's losses should come as no surprise as Libyan production is climbing higher and…