Shale output forecast to climb as drillers add more rigs OPEC’s cutbacks will eventually reduce stockpiles: Citigroup Oil traded at its lowest in more than a week in New York on signs U.S. production is continuing to recover, undermining OPEC’s efforts to clear a global glut. Futures dropped 0.6 percent in New York after falling 1 percent Monday. Crude output at major U.S. shale plays is forecast to climb to 5.2 million barrels a day in May, the highest since 2015, according to the Energy Information Administration’s monthly Drilling Productivity report. Drillers in the nation have added rigs for the past 13 weeks, data from Baker Hughes Inc. show. Oil had rallied above $53 a barrel after some producing countries voiced support for prolonging a six-month supply-cut deal by the Organization of Petroleum Exporting Countries and its allies. While U.S. shale output could come “roaring back” amid higher prices, […]