Oil rises and falls in face of global oversupply fears Oil prices hovered around a two-week low in course of North American trading hours today. The movement of oil prices comes as Libya and Nigeria begin to export oil again with fears of global oversupply mounting. On the ICE Futures Exchange in London, Brent oil for November delivery got to a session low of $45.68 a barrel. Brent oil have not fallen this low since September 2. Just yesterday, London-traded Brent futures had dropped down by $1.25, falling by a margin of 2.65%. So far oil prices have been down by 5% this week as news come from Libya and Nigeria that these major producers will be resuming oil exports as conflicts in these countries calm down. Going by reports coming from the U.S. Energy Information Administration, diesel last week had gone up by 4.619 million barrels. This exceeds hopes of an increase of 1.543 million barrels. This will be the highest biggest weekly build since the beginning of this year.