The US Energy Information Administration (EIA) has lowered outlook for the US crude production in 2016. EIA has reduced the forecast for 2016 by one percent in the US oil production.
The oil price surged to one-month high at $47.31 a barrel on New York Mercantile Exchange (NYME). Oil futures reached $48.09 indicating its highest since 31 July. The rebound in oil prices was mainly due to two factors.