"With the industry projecting a decline in total U.S. crude oil stocks in this week's reports, the market bears are remaining on the sidelines." Production will fall by 830,000 bpd this year to 8.6 million bpd, and drop next year by 410,000 bpd to 8.19 million bpd, the agency said in its short-term energy outlook. Crude oil rallied in the past two sessions after rebels in Nigeria's Niger Delta vowed to halt output in the country, Africa's biggest producer until last year. The EIA also raised its 2016 U.S. oil demand growth forecast. Updated Tue, June 7th 2016 at 23:44 GMT +3Fuel prices are displayed at a Kazakh state-owned oil and gas company KazMunayGas gas station in Almaty, Kazakhstan, May 4, 2016.

Source: Standard Digital June 07, 2016 19:41 UTC