Oil futures settled at their lowest level in two months on Monday after a survey revealed that crude production from members of the Organization of the Petroleum Exporting Countries has climbed to a nearly eight-year high.The report exacerbates concerns that global output is set to climb as recent supply disruptions ease.
OPEC’s June crude production rose 300,000 barrels a day from a month earlier, to 32.73 million barrels a day, which is the highest level since August 2008, according to S&P Global Platts.
August West Texas Intermediate crude CLQ6, +0.58% lost 65 cents, or 1.4%, to settle at $44.76 a barrel on the New York Mercantile Exchange. The September contract for global benchmark Brent crude LCOU6, +0.61% fell 51 cents, or 1.1%, to finish at $46.25 a barrel on the ICE Futures exchange in London.
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