NEW YORK — Oil rose about 1.5% on Monday, resuming its longest stretch of daily gains in more than five years after data pointed to moderating US output, though analysts said news of rising Opec production could cap gains. Brent crude futures were up 71 cents to $49.48 a barrel by 3.30pm GMT, off a session low of $48.79. The price rose 5.2% last week for a first weekly gain in six. US crude futures were up 81c to $46.85 a barrel. Crude is up for the eighth straight session in a row, the longest unbroken stretch of gains since February 2012. "It’s all about market sentiment," said Commerzbank senior oil analyst Carsten Fritsch. He cited a 100,000 barrel per day drop in US production due to tropical storms and maintenance, as well as a decline in US rig count. "These... (temporary) factors outweigh the sharp increase in Opec oil production in June... and the continued increase in Libyan and Nigerian output at least at the moment," he said. Speculators in Brent crude futures and option...
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