Mubasher: Oil prices reversed earlier gains on Tuesday on the back of a reported increase in oil output from Saudi Arabia.

Saudi Arabia reported that its crude production jumped 85,500 barrels per day (bpd) in May. However, this rise was partially offset by production shortfalls in Nigeria, Venezuela, and Libya, according to a report by the Organization of the Petroleum Exporting Countries (OPEC).

Last month, OPEC registered a month-on-month output increase of 35,000 bpd to average 31.87 million bpd.

By 12:26 pm GMT, Brent crude shed 0.41% to $76.15 per barrel, while US crude (Nymex) declined 0.17% to $65.99 pb.

Earlier on Tuesday, oil prices had increased on the back of the US-North Korea summit in Singapore.