Shares of energy producers rose alongside oil futures after the Energy Information Administration lowered its target for U.S. oil production.
Fears that a return of the U.S. shale-oil boom would mute the impact of OPEC's cuts were a major cause of the recent selloff in oil. In its latest production tally, however, Saudi Arabia exceeded its new production target under the OPEC deal for the first time.
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Oil futures closed above $45 a barrel, one of the closely watched levels because it is close to where many U.S. producers break even on costs.
(-By Rob Curran, email@example.com)
(END) Dow Jones Newswires
July 11, 2017 16:23 ET (20:23 GMT)