Oil hits multi-week lows as growing supplies stoke glut concern

By Karolin Schaps LONDON (Reuters) - Oil prices fell to multi-week lows on Friday as rising Iranian exports and returning supplies from Libya and Nigeria fuelled concerns that a global glut would persist. Benchmark Brent crude futures fell to a two-week low of $45.52 a barrel, down $1.07. "We've seen a lot of bearish news this week ... so weak fundamentals are weighing on the market," said Frank Klumpp, oil analyst at Stuttgart-based Landesbank Baden-Wuerttemberg.