The cure oil output of the United States is expected to rise by 720,000 barrels per day (bpd), down from 730,000 in the previous forecast, in 2022 to 11.91 million bpd, the US Energy Information Administration (EIA) said in its monthly report.

Key takeaways via Reuters

• US crude output to rise 860,000 bpd to 12.77 million bpd in 2023 (vs rise of 1.05 million bpd forecast last month).
• US total petroleum consumption to rise 700,000 bpd to 20.48 million bpd in 2022 (vs rise of 750,00 bpd last month).
• US petroleum demand to rise 320,000 bpd to 20.8 million bpd in 2023 (vs rise of 200,000 bpd last month) - eia.

Market reaction

Crude oil prices continue to trade deep in negative territory after this report with the barrel of West Texas Intermediate (WTI) losing 6.7% on the day at $96.50.