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

By Karolin Schaps LONDON (Reuters) - 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. U.S. West Texas Intermediate (WTI) crude was down 42 cents, or 0.9 percent, at $48.39 a barrel. Add to these that the dollar is strengthening and you have a bearish cocktail," said Tamas Varga, analyst at PVM Oil Associates in London.