Oil prices eased back on Monday after rising roughly 5 percent last week, as investors continued to await strong indications that an OPEC-led effort to drain a glut was proving effective.
Libya's national oil production stands at 1.03 million barrels per day, little changed from its level since the end of last month, an oil industry official said.
U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes said on Friday. Rig additions over the past four weeks averaged five, the slowest pace of growth since November.
Key technical indicators are bullish, with prices rising above the short-term 50-day moving averages, traders said.
Brent crude futures were down 47 cents, or 1 percent, at $48.44 per barrel at 2:48 p.m. ET (1848 GMT). U.S. West Texas Intermediate (WTI) crude futures ended Monday's session at $46.02 per barrel, slipping 52 cents, or 1.1 percent.