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.
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, firstname.lastname@example.org)
(END) Dow Jones Newswires
July 11, 2017 16:23 ET (20:23 GMT)