The Traderszone Network

Published in TZ Latest News 13 April, 2015 by The TZ Newswire Staff

Oil prices rise on expected dip in U.S. shale output

Crude prices rose on Tuesday on expectations U.S. shale oil output will record its first monthly decline in over four years, but analysts warned that the broader market remained oversupplied. Front-month Brent crude futures (LCOc1) were trading up 52 cents a $58.45 a barrel by 0332 GMT (7.32 a.m. ET), while U.S. crude (CLc1) had risen 63 cents to $52.54. The U.S. Energy Information Administration expects U.S. shale production to fall by 45,000 barrels to 4.98 million barrels per day in May from April.