Brent crude oil fell to a 5-1/2-year low below $57 a barrel on Tuesday as a global supply glut outweighed concerns of lost supply from Libya where battling militias have closed ports. Brent LCOc1 fell $1.14 a barrel to $56.74, its lowest since May 2009, before recovering to trade around $57.20 by 4.50 a.m.. U.S. crude CLc1 fell 60 cents to $53.01 after hitting $52.70 – also its lowest since May 2009. It fell $1.12 on Monday. Oil markets have been oversupplied this year due to increasing output of high quality, light oil from U.S. shale and lower-than-expected consumption as a result of faltering global economic growth and competition from alternative fuels. Several members of the Organization of the Petroleum Exporting Countries have suffered supply disruptions in recent months, but this has had little impact on prices. In Libya, clashes between rival factions have closed oil […]