The U.S. Energy Information Administration (EIA) lowered its oil output forecasts for 2015 and 2016. Oil output in the U.S. is expected to be 9.2 million barrels a day this year and 8.8 million barrels a day in 2016.

Oil price forecasts were also cut. The WTI crude oil price is expected to be $53.57 a barrel in 2016, down 1.6% from its previous estimate, while the Brent crude oil price is expected to be $58.57 a barrel in 2016, down 1.4% from the previous forecast.