Oil production from seven major U.S. shale plays is forecast to climb by 41,000 barrels a day to 4.748 million barrels a day in February from January, according to a monthly report from the Energy Information Administration released Tuesday. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see the largest climb among the big shale plays. It's expected to rise by 53,000 barrels a day. Just minutes ahead of the day’s settlement, February West Texas Intermediate oil traded at $52.98 a barrel, up 61 cents, or 1.2%, on the New York Mercantile Exchange.
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