Oil prices rose slightly on Tuesday after OPEC detailed global supply cuts, but increases were limited as the cartel reported an overall increase in production in May and admitted that the rebalancing of the market was moving at a slower pace than earlier anticipated.
Brent crude was up 43 cents to $48.72/barrel by 1:53 EDT, and US light crude was up 38 cents to $46.46/barrel.
Prices were up earlier in the day after Saudi Arabia said it would cut exports to customers, including a 300,000 b/d reduction in supply to some Asian markets.
