Oil prices rebounded on Tuesday, after rising last Friday as OPEC announced a cut in oil production by one million and 200,000 barrels. 

At 9 am (GMT), Brent fell 5 cents, or 2 percent, to $ 59.95, while US crude fell to $ 51.5, or 0.03 cents. 

Concerns remain about the surplus in oil production as US oil inventories rise.