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Oil prices fall after report shows OPEC output rose in May

— CNBC's Tom DiChristopher contributed to this report.

Oil prices gave up early gains on Tuesday after monthly data showed OPEC’s production rose in May, the same month the exporter group agreed to extend output cuts into 2018.

Supply from OPEC jumped by 336,000 barrels a day in May, driven largely by increases from Nigeria and Libya, which are exempt from reducing output, as well as Iraq.

Brent crude futures were at $48.13 per barrel at 8:06 a.m. ET (1206 GMT), down 16 cents, while benchmark U.S. crude was at $45.86 per barrel, down 22 cents.

Crude oil futures had earlier risen after Saudi Arabia said it would make significant export cuts in July amid signs of a drawdown in U.S. crude inventories, though increasing U.S. output continues to weigh on the market.

Saudi Arabia, the world’s top exporter, is leading an effort by the Organization of the Petroleum Exporting Countries, Russia and other producers to cut output by almost 1.8 million barrels per day (bpd) through March 2018 to prop up prices

— CNBC’s Tom DiChristopher contributed to this report

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