Oil Futures Spike Sharply Higher After EIA Reports Monthly Output Declines

Oil futures spiked sharply higher Monday after the U.S. Energy Information Administration reported a decline in monthly domestic crude production. It pegged June output at 9.3 million barrels a day compared with 9.4 million barrels a day in May. A separate report released earlier Monday by the EIA had already hinted at the production decline but the full report detailed information on state output. October oil traded at $47.44 a barrel on the New York Mercantile Exchange, up $2.22, or 4.9%, rebounding from lows under $44 a barrel.