U.S. benchmark oil futures settle higher, but off the session's high

Prices for U.S. benchmark oil futures settled higher Monday, but off the session's best levels as OPEC's ability to raise production and signs of further growth in U.S. output helped offset support from concerns surrounding the flow of oil in the Middle East. Crude-oil production from seven major U.S. shale plays is expected to see a climb of 144,000 barrels a day in June to 7.178 million barrels a day, according to a report from the Energy Information Administration released Monday. The data were released just ahead of the New York Mercantile Exchange settlement. June West Texas Intermediate crude rose 26 cents, or 0.4%, to settle at $70.96 a barrel, off the day's high of $71.26.