Oil prices rose Tuesday, snapping a four-day losing streak triggered by oversupply concerns.
Total U.S. crude oil production in October is expected to decline 40,000 barrels per day (b/d) from that of September, said Energy Information Administration (EIA) in its short-term energy outlook released Tuesday.
Meanwhile, crude oil production is forecast to decrease till the third quarter of 2016 before picking up. U.S. crude oil production is project to average 9.3 million barrels p/d in 2015 and 8.8 million barrels b/d in 2016.
EIA forecast that Brent crude oil prices will average 54 U.S. dollars per barrel in 2015 and 56 dollars in 2016. West Texas Intermediate crude oil prices will average 50 dollars in 2015 and 51 dollars in 2016.
The U.S. benchmark, West Texas Intermediate for December delivery, moved up 34 cents to settle at 44.21 dollars a barrel on the New York Mercantile Exchange.
The global benchmark, Brent crude for December delivery, increased 25 cents to close at 47.44 dollars a barrel on the London ICE Futures Exchange.
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