Oil prices have marginally recovered after slipping to nearly seven-month lows on reports of an increase in supply that negated the production-cut initiative by OPEC and other producers.  

Benchmark Brent gained 15 cents after falling 46 cents in the previous session and traded at $47.06, while the US crude oil also recovered by 15 cents to $44.35 after slipping 54 cents, reported Reuters.

The price level of both benchmarks is lowest close since 29 November last year level before OPEC announced to cut output by 1.8 million barrels a day to tackle the global oil glut.

Oil prices are also affected by the jump in OPEC supplies last month as Libya and Nigeria, two countries exempted from the output cut agreement, reported a steep rise in production. 

"Oil production in Libya increased more than 50,000bpd to 885,000bpd."

Oil production in Libya increased more than 50,000bpd to 885,000bpd. 

Industry figures also showed a rise in Nigerian oil supply. 

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By GlobalData

Analysts predict that exports of Nigeria's benchmark Bonny Light crude oil will touch 226,000bpd in August from 164,000bpd next month. 

US oil production has also improved rapidly as last week data highlighted a record 22nd consecutive week of an increase in the number of US oil drilling rigs.