Oil prices settled mixed on Tuesday as traders digested a newly-released monthly report from the Organization of the Petroleum Exporting Countries (OPEC).
According to the monthly report released on Tuesday, OPEC oil production increased by 35,000 barrels a day in May to an average of 31.87 million barrels a day.
The OPEC raised its forecast for oil supply increase from non-members by 130,000 for 2018. It now expects countries outside OPEC to pump 1.86 million barrels a day above 2017 level.
Meanwhile, the OPEC left its outlook for global oil demand unchanged at 98.85 million barrels per day, up 1.65 million barrels a day from last year.
The OPEC warned in the report that a high degree of uncertainty was hanging over the global oil market this year.
"Recently, crude oil futures have lost some momentum amid uncertainty as traders prepare for potentially more supply returning to the market," said the report.
The West Texas Intermediate for July delivery rose 26 U.S. cents to settle at 66.36 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery dipped 58 cents to 75.88 dollars a barrel on the London ICE Futures Exchange.
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