Oil prices declined Tuesday on signs of Libya's output resurgence and concerns over lingering global glut.

Libya's oil production was at 784,000 barrels per day because of a technical issue at the Sharara field, but was expected to start rising to 800,000 barrels per day on Tuesday, according to media reports.

Analysts said Libya's rising output will fuel investors' concerns over global glut. The extended production cuts by world's major oil producers would not be enough to achieve supply-demand balance.

The West Texas Intermediate for July delivery lost 0.14 U.S. dollar to settle at 49.66 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery erased 0.05 dollar to close at 52.29 dollars a barrel on the London ICE Futures Exchange.