Oil prices decline on rising Libya output

NEW YORK, May 31 (Xinhua) -- Oil prices declined Wednesday as Libya's output recovered from an earlier technical issue at a major oilfield.

The West Texas Intermediate for July delivery lost 1.34 U.S. dollars to settle at 48.32 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery erased 1.53 dollars to close at 50.76 dollars a barrel on the London ICE Futures Exchange.