Brent crude futures traded slightly higher on Monday, with data from China suggesting that the country may regain momentum in the second quarter of 2014.
Reuters reported that Brent gained 25 cents to reach $109.66 a barrel, while US oil increased 43 cents to $103.14 a barrel.
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A survey by Reuters has revealed that the Organization of the Petroleum Exporting Countries’ (OPEC) oil output surged to a three-month high in May 2014, due to increased supplies from Angola and a further gain in exports from southern Iraq.
According to the survey based on shipping data and information from sources at oil firms, OPEC and consultants, supply from OPEC averaged 30.02 million barrels per day, an increase from 29.68 million barrels per day in April 2014.
Oil exports from Iraq increased by 8% in May 2014 and a new floating terminal, which was recently opened, is expected to expand the country’s southern ports shipping capacity by 800,000bpd.
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