Oil production from the Organization of the Petroleum Exporting Countries marked their first monthly increase since October, according to a S&P Global Platts survey released Tuesday. OPEC output rose by 270,000 barrels a day in May from a month earlier to 32.12 million barrels a day. The rise was "driven by sharp output recoveries in Libya and Nigeria, both of which are exempt" from the cartel's output-cut agreement, according to S&P Global Platts. July West Texas Intermediate crude was trading at $47.21 a barrel, down 19 cents, or 0.4%, on the New York Mercantile Exchange.
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