Home / Market News / EIA forecasts U.S. shale oil output to climb by 70,000 barrels a day in July

EIA forecasts U.S. shale oil output to climb by 70,000 barrels a day in July

Crude-oil production from seven major U.S. shale plays is forecast to climb by 70,000 barrels a day in July to 8.520 million barrels a day, according to a report from the Energy Information Administration released Monday. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see an increase of 55,000 barrels a day in July from June. Shale oil output from the Anadarko and Eagle Ford regions, however, are expected to see slight monthly declines, the report showed. The July contract for West Texas Intermediate oil was trading down 54 cents, or 1%, at $51.97 a barrel ahead of its settlement on the New York Mercantile Exchange.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Read Full Story