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Oil edges down as OPEC sees market rebalancing at slower pace

Reuters  |  LONDON 

By Stephen EisenhammerLONDON (Reuters) - Oil prices edged down on Tuesday after OPEC reported an increase in its production for May despite a supply cut agreement and said the oil market was rebalancing more slowly than expected.Benchmark Brent crude was 17 cents lower at $48.12 per barrel by 1236 GMT, reversing gains made earlier in the session when it edged up to $48.67. U.S. light crude was at $45.86 per barrel, down 22 cents.Prices initially nudged higher after the world's top exporter Saudi Arabia outlined cuts to customers in July that included a reduction of 300,000 barrels per day ...

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First Published: Tue, June 13 2017. 18:40 IST