U.S. oil output is expected to continue to rise in February with production from shale rising by 111,000 barrels per day (bpd) to 6.55 million bpd, the U.S. Energy Information Administration said on Tuesday. The global oil market has been closely watching U.S. output, which may continue to contribute to global oversupply even as OPEC members, Russia and other producers curb production. The agency previously said that U.S. output could reach 10 million barrels a day in February and surge to 11 million in 2019. [EIA/M] The agency expects oil production from new wells to grow in each of seven major regions. The Permian Basin of Texas and New Mexico accounts for the bulk of the production increase year-on-year, the data showed. At the same time, production growth in the Bakken formation of North Dakota is seen slower than a year earlier. Eagle Ford oil […]