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Rising U.S. production is holding oil prices down.(Photo: Getty Images)

The price of U.S. crude oil continued its tumble Tuesday as investors remain concerned about a global glut and developments in the Middle East that could add to the current supply.

West Texas Intermediate (WTI) oil, the U.S. benchmark, fell 76 cents a barrel to $48.08, and is down 5.2% in the last month.

Brent crude oil, the benchmark for international oils, declined 51 cents a barrel to $51.01, its lowest since Nov. 29.

Signs that Libya is ramping up production may have spooked investors, says Tom Kloza, global head of energy analysis at Oil Price Information Service. Theres perception that oversupply is still a problem with Libya now able to produce around 750,000 barrels per day of crude, Kloza says, adding that's 250,000 more than what the country was producing recently.

Oil price falls below $50 as U.S. supplies hit record

Libyas production had been troubled by political unrest and fighting among militias and terrorist groups. But leaders of the two main factions in Libya have reached an agreement to set up a power-sharing presidential council, triggering hopes of political stability in the country, Bloomberg News reported Tuesday.

Libyas been a wild card because of chaos there, Kloza says. Its production ramp-up means more oil in the market.

Meanwhile, U.S. shale production continues to grow, contributing to the bountiful crude inventories in the U.S.

Oil traders were also paying attention to the remarks by made Saudi Arabia's deputy crown prince, Mohammed bin Salman,in a Saudi TV interview,in which he indicated that the countrys austerity measures could continue if oil prices dropped further. He made some comments that were not really supportive of the market, Kloza says.

The market has been much weaker than what most investors would like it to be, Kloza says.

In November, the Organization of Petroleum Exporting Countries and other oil-producing nations agreed to cut back on production for much of 2017 to boost prices. The move has helped to stabilize prices, and investors expect their agreement will be extended when OPEC countries meet later this month.

"The cuts have not meaningfully resulted in visibly lower crude oil inventories, especially in the U.S.," said Brian Kessens, Tortoise Capital'smanaging director and portfolio manager, in its podcast Monday.

Follow USA TODAY reporter Roger Yu on Twitter @ByRogerYu.

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Oil price falls on Libya, supply glut - USA TODAY