Oil prices reached the lowest minimum in 11 days on Tuesday on news that U.S. shale oil production in May is expected to post the biggest monthly increase in more than two years. Such action by the U.S. could undermine the fragile balance in the oil market.
According to the U.S. government drilling data shale production in the next month will increase to 5.19 million barrels per day In the Permian play, the largest regional producer of shale oil in the U.S., expected to reach a record amount of 2.36 million barrels per day.
Brent crude futures fell 49 cents at $54.87 per barrel. They touched $54.76 intraday, the lowest since April 7.
WTI crude futures fell 46 cents at $52.19 per barrel. Their intraday low was $52.16, the lowest level since April 7.