Oil opens lower - May 31

[dan_s]

Crude oil prices slide sharply lower on news that Libya is raising production, adding to concerns that OPEC-led cuts are being undermined by producers outside the deal; U.S. crude -2.1% at $48.58/bbl, Brent -2.6% at $50.50/bbl.
Libya's oil production is expected to regain a three-year production peak of 800K bbl/day this week, the country's National Oil Corporation says, as output at its largest oil field has recovered from a technical problem and is now at the 794K bbl/day level - 300K bbl/day higher than a month ago.

The weekly U.S. storage report will come out on Thursday, a day late because of the Memorial Day holiday.