The U.S. Energy Information Administration (EIA) released its Petroleum Supply Monthly (PSM) on Monday. EIA said that U.S. crude oil production in June 2015 was 9.3 million barrels per day (b/d), a decline of approximately 100,000 b/d from the revised May reading. Oil production in January - May was downgraded by 40,000 b/d to 130,000 b/d.

"The largest revisions in volume include decreases of oil production in Texas (ranging from about 100,000 b/d to 150,000 b/d) and increases in the federal Gulf of Mexico (ranging from about 10,000 b/d to 50,000 b/d). U.S. crude oil production for the first six months of 2015 averaged 9.4 million b/d," the report said.