West TX Oil Below $103 as OPEC Production Gains

Brent and U.S. crude oil futures fell in choppy trading on Monday, weighed on by a stronger dollar and recent data showing rising OPEC oil production.  Brent crude gave back early gains, falling 40 cents to near $109. U.S. oil fell 24 cents to settle at $102.47 a barrel, after ending the week 1.6 percent lower.

Iraq’s oil exports rose by 8 percent in May, and a floating terminal was inaugurated that will expand shipping capacity from its southern ports by 800,000 barrels per day (bpd), the oil ministry said on Sunday.

OPEC’s oil output rose to a three-month high in May, a Reuters survey found on Friday, as increased supplies from Angola and a further gain in exports from southern Iraq outweighed worsening unrest in Libya.

CNBC

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