Crude oil benchmarks continue hovering between US$45-50/bbl, as traders were torn between further increase in US shale oil output and hopes of deeper production cut as OPEC/non-OPEC countries meet on June 24. In the latest drilling report, the EIA forecast that US shale oil production would rise for the eighth consecutive month, up +0.11M bpd to 5.59M bpd in August.
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EIA Forecast US Shale Output to Rise Further; Aussie Rallied on Rate Hike Hopes
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