Oil production from the Organization of the Petroleum Exporting Countries climbed to its highest monthly level since October 2012, according to a Platts survey of OPEC and oil industry officials and analysts released Monday. OPEC production in May rose by 180,000 barrels per day from a month earlier, to 31.11 million barrels per day. That's above OPEC's production ceiling of 30 million barrels a day. Output from Saudi Arabia climbed 150,000 barrels a day to 10.25 million barrels a day. Oil prices traded lower on Monday, with July crude down 35 cents at $59.61 a barrel on the New York Mercantile Exchange. Ahead of its expiration at the end of the session, July Brent crude on the ICE Futures exchange traded at $62.70, down $1.17.
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