US crude oil production slightly upwards this year

Brent dropped by nearly 4% yesterday, sliding to a monthly low of a good $56 per barrel. The price slump was presumably due to the strongly appreciating US dollar in conjunction with selling on the part of speculative financial investors who doubtless decided to take profits after Brent failed to regain the $60 per barrel mark at the beginning of the week.
 
Crude oil stocks at Cushing for instance rose sharply once again, as did stocks of oil products. If the US Department of Energy were likewise to report a fall in US crude oil stocks, this could give oil prices a boost this afternoon, for the market is anticipating an inventory build of 4.6 million barrels. 

Commerzbank notes in a report on Wednesday:

• US crude oil stocks have climbed by more than 60 million barrels in the past eight weeks and currently find themselves at a record level. 
  
  
• The US Energy Information Administration (EIA) has revised its estimate for US crude oil production this year slightly upwards to 9.35 million barrels per day. 
  
  
• By contrast, it marginally lowered its forecast for 2016 to 9.49 million barrels per day. It therefore continues to expect the significant decrease in drilling activity to have only a limited impact on oil production.