(MENAFN) Oil prices rebounded after US oil production continued to decline in Nov; the decline is estimated by 60,000 barrels per day.
Accordingly, US government's Energy, predicted that production would continue to decline through the third quarter of 2016.
Additionally, the EIA expected that oil production this current year would average 9.3mn bpd and decrease to 8.8 bpd next year.
Moreover, the EIA forecast that Brent will average USD 56 a barrel in 2016, somehow higher than the average of this year USD 54.61.
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