OPEC Output Highest Since 2008

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OPEC oil output hit its highest level since 2008 this May at 31.80 million barrels per day, according to a Reuter's survey. The output levels were boosted by Saudi Arabia, which kept production levels high in order to offset supplies restrains caused by sanctions on Iran.

The production levels are unlikely to increase from here, say analysts with BNP Paribas, considering falling output and infrastructure restraints in Iraq and Libya.

WTI futures are hovering near recent lows at $90 per barrel, and Brent trades just under $107. The price of United States Oil Fund LP (NYSE; USO), an ETF that tracks the futures price of crude, is trading flat in late trading on Tuesday.

OPEC will meet on June 14th in Vienna to discuss future production levels and sanctions against Iran.

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