EIA: U.S. Shale Oil Output To Fall By 118,000 Barrels a Day In July

Oil production from seven major U.S. shale plays is expected to fall by 118,000 barrels a day to 4.72 million barrels a day in July from June, according to a monthly report from the Energy Information Administration released Monday. Oil output at the Eagle Ford shale play in South Texas is expected to see the largest decline, down 63,000 barrels in July. The Bakken shale play, which stretches from Canada into North Dakota and Montana, is expected to see output fall by 32,000 barrels a day, the report said. July oil traded at $48.84 a barrel in electronic trading, after settling at $48.88, down 19 cents, on the New York Mercantile Exchange.