OPEC output climbs as exempt nations open taps

OPEC’s crude production rose to the highest this year in June as member nations exempt from output curbs pumped more.

Members of the Organization of Petroleum Exporting Countries boosted their output by 260,000 barrels a day compared with May, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Half of the increase came from Libya and Nigeria, which are exempt from making cuts under the deal agreed between OPEC and its allies.

Nonetheless, oil rose about 1.5 per cent on Monday, resuming its longest stretch of daily gains in more than five years.

Brent crude futures were up 71 cents to US$49.48 a barrel, off a session low of US$48.79. The price rose 5.2 per cent last week for a first weekly gain in six. U.S. crude futures were up 81 cents to US$46.85 a barrel.