Oil production from seven major U.S. shale plays is forecast to climb by 124,000 barrels a day to 5.193 million barrels a day in May from April, 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 76,000 barrels a day. May West Texas Intermediate oil was trading 45 cents, or 0.9%, lower at $52.73 a barrel, a few minutes before the settlement on the New York Mercantile Exchange.
Copyright © 2017 MarketWatch, Inc.
Continue Reading Below