Oil edges higher as survey shows OPEC didn't hike production as much as feared ...Middle East

In addition, the actual barrels that have flowed into the market have been smaller than feared. The influential May secondary sources report from Reuters showed OPEC output up just 150k bpd in the month, less than the 441K announced. A portion of that is compensatory cuts for previously over-producing but Saudi Arabia and the UAE pumped less than allowed.

Technically, there is the risk of an upside break here with not much standing in the way of $70/barrel.

This article was written by Adam Button at www.forexlive.com.

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