Oil prices edge down -

LONDON, Jan 23 (Reuters): Oil prices fell on Tuesday, handing back some of the previous day's gains, as traders weighed rising crude supply in Libya and Norway against production outages in the United States and geopolitical tensions.

Brent crude futures were down 58 cents, or 0.72 per cent, to $79.48 a barrel at 1441 GMT. US West Texas Intermediate crude futures (WTI) were down 45 cents, or 0.6 per cent, to $74.31 a barrel.

Brent slipped back below $80 a barrel after settling above the threshold on Monday for the first time since Dec. 26.

"Traders weigh up economic prospects, interest rates, OPEC+ and the risk of supply disruptions as a result of events in the Red Sea. We're no clearer on any of these than we were a few weeks ago," OANDA analyst Craig Erlam said.