NYMEX crude oil down as Libya supply seen rising.

Futures contracts of crude oil are trading lower on the NYMEX due to concerns over a rise in supplies from Libya. July delivery crude oil contract is down 0.7% at $49.33 a barrel. As supply disruptions in Libya are easing, daily production in the country is seen going as high as 800,000 bbl per day this week. Higher supplies from the US and an existing glut in the global market are also weighing on the prices.