Ann Saphir | Reuters
Oil production from several U.S. shale regions is expected to keep on rising in August, the U.S. Energy Information Administration forecast on Monday.
The EIA's latest drilling productivity report projects that drillers operating the nation's shale oil fields will increase production by 113,000 barrels a day next month. Total output from these areas is expected to reach 5.59 million barrels a day in August.
July's report marks the fifth straight month the agency's forecast came in above 100,000 barrels a day.
Oil prices are down about 14 percent this year, but the commodity was on an upswing through the first quarter of the year, boosted by production cuts by OPEC and other exporters. That allowed U.S. drillers to lock in higher prices for future delivery, providing the financial incentive to produce more oil.
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