U.S. crude rose on Tuesday, up to $49.07 per barrel, or 0.47%, for June delivery. The rise is expected to be short-lived, as concerns over U.S. crude oil production continues to mount. Oil production in the U.S. is offsetting production cuts from OPEC meant to stabilize oil prices.

Rising production in the U.S. is putting OPEC's reduction plan at risk due to member fears of losing market share to U.S. producers.

Libya's National Oil Company weakened prices to start the day, announcing the production of 760,00 barrels per day. The company plans to continue its oil production increase. U.S. rig counts rose for the 15th week straight last week, according to Baker Hughes, adding 13 new rigs.

OPEC members will hold a meeting on May 25 to discuss an extension of the current production cuts. The original agreement among OPEC members was to reduce oil production by 1.8 million barrels per day for the first half of the year.

BP's CFO said an extension of oil production cuts through the end of 2017 would help inventories move back to a five-year average. The CFO suggests that the price per barrel could rise to $55 if production cuts are extended.

OPEC's extension of an oil cut will help underpin the market and push oil prices to the higher end of $55, according to BP. Global demand for oil is expected to grow by 1.3 million bpd by the end of the year, helping lower oversupply issues.

Iran's oil minister sparked hope of an extension on Saturday, stating that non-OPEC and OPEC countries have given "positive signals" of an extension. Tehran would back an extension to oil production, too, according to the report.

OPEC's oil output fell for the fourth straight month in April, according to CNBC. A drop in production in Saudi Arabia, Nigeria and Libya was noted in the report. UAE and Angola both increased output, allowing OPEC to remain in the 90% compliance range on the month.

Saudi Arabia's target production cut of 486,000 bpd was far surpassed, with a cut of 574,000 bpd in April. Iran was allowed a small increase in oil production as per the terms of the agreement.

UAE's output cuts remain much slower than other members, with the UAE focusing on expanding its oil capacity in recent years. The UAW reaffirms that they remain 100% compliant with the agreement and suggest that discrepancies with secondary sources is skewing their numbers.