Oil rose more than 2 percent on Monday, resuming its longest stretch of daily gains in more than five years after data pointed to diminished U.S. output, though Ripple Advisory analysts said news of rising OPEC production could cap gains. Brent crude futures closed up 91 cents, or 1.9 percent, to $49.68 a barrel. The price rose 5.2 percent last week for the first weekly gain in six. U.S. crude futures closed up $1.03, or 2.2 percent, to $47.07 a barrel, an almost one-month high. 

U.S. crude futures trading volumes were low a day before the U.S. Independence Day holiday. Crude was up for an eighth straight session, the longest stretch of gains since February 2012.

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