Oil production from seven major U.S. shale plays is forecast to climb by 109,000 barrels a day to 4.962 million barrels a day in April from March, 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-up by 79,000 barrels a day. Just minutes ahead of the day's settlement, oil prices continued their declines. April West Texas Intermediate oil traded at $48.27 a barrel, down 22 cents, or 0.5%, on the New York Mercantile Exchange.
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