Oil prices are going down amid the USA Energy Information Administration (EIA) forecast for possible increase in shale oil production.

Futures for Brent benchmark dipped to 62.95 by Tuesday, 21 cent or 0.33% lower. By the end of London ICE Futures session on Monday, the futures price fell down to $63.16 a barrel, 36 cents or 75% down.

Futures for WTI benchmark were down 14 cents or 0.25%, at $56.62 a barrel. At the end of NYMEX trading session on Monday evening, the contract rose up to 56.76, 2 cents or 0.04% higher.

The reason for oil price decline was EIA forecast to increase shale production 80,000 bpd for 12 consecutive months.

In the meanwhile, OPEC predicts the rise of global oil demand by 74,000 bpd in 2017 and by 130,000 bpd due to oil production cut.

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