Pace Research Commodity Update : Oil Edges Down As Libya Output Hits Highest Since 2014

Oil prices edged down on Tuesday, as a recovery in Libyan output and rising U.S. supplies raised worries that OPEC-led production cuts may not significantly tighten a bloated market.
Oil has been weighed down by the market's impatience with the slow pace of inventory draw down globally, even after major oil producers agreed to cut production by 1.8 million barrels per day for the first half of 2017.
London Brent crude for July delivery LCOc1 was down 7 cents, or 0.1 percent, at $51.45 by 0021 GMT, after settling down 53 cents on Monday. Brent crude has risen only around $1 from a one-month low of $50.45 hit on Thursday that came after the restart of two key Libyan oilfields.
NYMEX crude for June delivery CLc1 was down 10 cents, or 0.2 percent, at $48.74.
Libya's National Oil Company said production has risen above 760,000 bpd to its highest since December 2014, with plans to keep boosting production. Organization of the Petroleum Exporting Countries and participating non-OPEC countries meet on May 25 to discuss whether to extend that reduction. 
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