— CNBC’s Tom DiChristopher contributed to this report
Oil prices fall after report shows OPEC output rose in May
— CNBC's Tom DiChristopher contributed to this report.
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.
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