EIA: 2018 U.S. Crude oil production to rise by 720,000 bpd (vs 680,000 bpd gain previously)

"The U.S. Energy Information Administration said on Tuesday it expects domestic crude oil production in 2018 to rise by more than previously expected," Reuters reported.

Key highlights

EIA forecasts 2017 U.S. Crude oil production to rise by 370,000 bpd (vs 380,000 bpd gain previously).

EIA forecasts 2018 U.S. Crude oil production to rise by 720,000 bpd (vs 680,000 bpd gain previously).

EIA forecasts 2017 U.S. Oil demand growth by 160,000 bpd (vs 230,000 bpd previously).

EIA forecasts 2018 U.S. Oil demand growth by 410,000 bpd (vs 420,000 bpd previously).