Crude oil futures bounced back and rallied on Tuesday, after U.S officials lowered their domestic oil production outlook for next year. The Energy Information Administration (EIA) cut the 2018 U.S. oil-output forecast by 1% to 9.9 mln bbls/day. Also, a report showed European product stockpiles fell despite an increase in refinery crude runs. European refineries increased their crude oil intake in June, but stocks of oil products, particularly diesel. US oil production has jumped more than 10 percent over the last year to 9.34 million bpd. Nigeria and Libya, OPEC members exempt from production limits, have also increased output
Benchmark crude oil futures for August delivery added $0.64 or 1.4 percent to $45.04 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended up by $0.84 or 1.8 percent at $47.72 a barrel on the ICE.