Oil edged lower on Monday amid some talk that US shale drilling and production might be poised for a rebound, even as US government forecasters said they expected a substantial fall in output from key shale basins in June. Last week, US crude prices posted a weekly gain for an eighth-straight week while North Sea Brent declined after four weeks of gains. In what some interpreted as a sign that US producers were perhaps responding to those price gains, the number of rigs for drilling for oil in the prolific Permian Basin rose last week for the first time this year after months of cutbacks (IOD May11'15).
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