Oil prices steady as OPEC committee sees production increasing

(CNBC) Brent oil prices rose to near $76 a barrel on Monday as a committee monitoring a deal on oil output between OPEC and non-OPEC producers saw production rising as planned. International Brent crude oil futures rose 16 cents to $75.98 per barrel by 10:34 a.m. ET (1434 GMT). U.S. West Texas Intermediate (WTI) crude futures were down 2 cents at $68.70 a barrel. Trading activity was limited due to a public holiday in Britain, traders said.

Members of an OPEC and non-OPEC monitoring committee found producers in a supply-reduction agreement cut their July output by 9 percent more than called for in their pact, two sources familiar with the matter said on Monday. The Organization of the Petroleum Exporting Countries and other producers led by Russia agreed in June to return to 100 percent compliance with oil output cuts that began in January 2017.  This follows months of underproduction by Venezuela and other producers which cut output by 160 percent of the agreed target.

The July findings compare with a compliance level of 120 percent for June and 147 percent for May, meaning participants have been steadily increasing production.