Oil Climbs, But Ends Off The Session's Highs

Oil prices climbed Monday, but finished below the session's best levels. A monthly report from the Energy Information Administration Monday showed projections for an increase of 127,000 barrels a day in July production from seven major U.S. shale oil plays, from a month earlier. Traders, meanwhile, await the release of monthly reports from the Organization of the Petroleum Exporting Countries and the International Energy Agency due Tuesday and Wednesday, respectively. They will include updates on global crude stockpiles. July WTI crude rose 25 cents, or 0.6%, to settle $46.08 a barrel on the New York Mercantile Exchange after a high at $46.71.

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