Oil production from seven major U.S. shale plays is forecast to climb by 122,000 barrels a day to 5.401 million barrels a day in June from May, according to a monthly 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 the largest climb among the big shale plays, with an increase of 71,000 barrels a day. June West Texas Intermediate oil held onto most of its earlier gains, trading $1.21, or 2.5%, higher at $49.05 a barrel, less than half an hour before the settlement on the New York Mercantile Exchange.
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